STAMFORD, Conn. -- State Sen. Carlo Leone (D-Stamford) and the Stamford State House delegation are applauding the State Bond Commission’s investment of over $35 million in funding and loans for three Stamford businesses and a major local transportation project.
The State Bond Commission on Thursday approved the following:
- $5 million loan for BTG Pactual Commodities Trading LLC;
- $5 million loan for W.J. Deutch & Sons Ltd.;
- $5.5 million loan for Log Storm Security Inc., and
- over $21 million of previously allocated funds for the reconstruction of the Atlantic Street railroad overpass along Metro-North's New Haven Line in Stamford.
The $21,406,749 for the overpass reconstruction will provide additional funds for costs to relocate utilities.
“Along with the Stamford state delegation I would like to extend my gratitude to Gov. [Dannel] Malloy for his commitment to these projects and to our transportation infrastructure,” said Leone. “Investing in rail is crucial for Connecticut to maintain its economic advantage, attract new businesses, and provide safe, reliable commutes for workers.”
The loans to BTG Pactual Commodities Trading and W.J. Deutch & Sons will help cover relocation costs as the companies move from New York to Stamford.
The $5 million loan to BTG Pactual Commodities Trading will be used to assist with leasehold improvements and equipment as the company relocates its primary U.S. operations to Stamford. The company will retain 120 jobs and create 150 new jobs within five years.
The $5 million loan to W.J. Deutch & Sons will assist with leasehold improvements, furniture, equipment and project costs in connection with its relocation. The company will create 100 new jobs within two years and an additional 15 jobs within three years.
Log Storm Security will receive a loan to expand its cyber-security operations in Stamford and other parts of Connecticut. The $5 million loan will be used to assist with equipment, leasehold improvements and working capital for a cyber-security center in Stamford and an incident response operation in eastern Connecticut. The company will create 65 jobs within three years and 134 jobs with 10 years.
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