NEW BRITAIN — A local metal finishing company has won a low-interest state loan so it can combine the operations of two plants into a new 130,000-square-foot facility on Newington Road.
The Marsam Metal Finishing Co. will get 10-year loan of $1 million at 2 percent interest, the State Bond Commission decided Friday.
The company is putting up $1.5 million to pay for the move, and has told the state that it expects to create 25 jobs. Marsam already employs 34 workers at the two facilities it operates in New Britain now, according to its application for the state aid.
"This is a very successful machine show that employs a lot of people from New Britain," state Rep. Rick Lopes, D-New Britain, said Friday. "They have good-paying jobs. This is a big expansion, and we want to do everything we can to help them be successful."
If Marsam follows through on its promise of new jobs, it will have to pay back only $750,000 of the loan.
The company says it has clients in the instrumentation, electronics, aerospace, communications, commercial and defense industries.
New Britain social service and community organizations took in another $1.6 million in aid through state bonding decisions that the state made on Friday. All were endorsed by Gov. Dannel P. Malloy.
Funding for New Britain projects included $600,000 to help Community Mental Health Affiliates Inc. renovate larger space in the city for its Team Time Social Club program for young people with mental illness; $600,000 to help the New Britain/Berlin YMCA replace the roof of its building and rebuild its parking lot; and $449,000 for construction and technology projects at New Britain High School.
Rep. Bobby Sanchez, D-New Britain; Rep. Peter Tercyak, D-New Britain; Rep. Betty Boukus, D-Plainville; Sen. Terry Gerratana, D-6th District; and Lopes announced the grants on Friday.