STAMFORD, Conn. – The state has approved funding for several projects in Stamford that will make important improvements to the city, and allow Synchrony Bank to establish itself as a standalone bank, State Sen. Carlo Leone (D-Stamford) announced.
The grant to Synchrony Bank alone will create and retain up to 710 jobs. Other grants will help local schools and the city's infrastructure.
“These critical investments will directly translate to new jobs, better schools, and a more walkable Stamford, three of the most important things we can do to move our city forward,” said Leone.
Stamford will receive $379,600 for interior improvements at Davenport Ridge School. With this grant, the school will be able to make upgrades, including new furniture and carpeting in the Learning Commons, as well as printers, a white board and other needed items for its “Maker space.”
An additional $1.1 million was granted to Stamford for various infrastructure projects. A new pedestrian bridge will be designed and constructed near the New Haven Line of Metro-North. Additionally, an urban bikeway, sidewalks and trails will be designed for the Long Ridge Road area.
Finally, Synchrony Bank, a spinoff of GE that chose to stay in Stamford, will be provided a $5,000,000 grant-in-aid under the state’s First Five Program. This grant will allow Synchrony Bank to establish itself as a standalone bank.
The bank will retain 310 jobs and create up to 400 new, good-paying jobs. Total grants-in-aid of $20 million will be paid in installments over six years if the company meets annual job retention and creation goals until it reaches 710 total jobs.
Synchrony Bank, headquartered in Stamford, is the largest provider of private label credit cards in the United States, based on purchase volume and receivables. Synchrony Bank provides credit services to individual consumers, businesses and healthcare providers.
“Stamford is a great city, and with smart investments like this we can lay the groundwork for an even brighter future," Leone said. "I worked alongside my colleagues on Stamford’s legislative delegation to secure these funds and look forward to seeing them implemented over the months to come.”