Rep. O'Brien Announces $4 Million Loan Set For East Granby Company


From the Hartford Courant –

Bob Douglas, State House Democrats, East Granby

State Representative Elaine O'Brien (D-East Granby/Suffield/Windsor) is announcing that a $4 million loan for Nufern, Inc. in East Granby is expected to be approved at the next meeting of the state Bond Commission.

The state Bond Commission is scheduled to meet Monday, Dec. 10, in Room 1E, Legislative Office Building at 10:30 a.m.

The company which makes application-specific optical fibers will be consolidating its Maryland operations into the East Granby facility and plans to create 34 additional jobs.

"This is welcomed news for Nufern and the region as we work to support our businesses and create jobs," Rep. O'Brien said. "Nufern is exactly the kind of high tech, high value manufacturing company that will be the base for Connecticut's manufacturing recovery. I am pleased that Governor Malloy has placed this important loan on the Bond Commission's agenda for approval."

The loan will be provided at an interest rate of 1% for ten years with principal deferred for the first two years. After one year $1 million of principal will be forgiven if the 95 existing jobs are retained and 34 new jobs are created. Additional principal forgiveness of $500,000 each year, up to a total of $3 million, may be provided for the creation and retention of additional jobs.

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