HARTFORD, Conn. – The state Bond Commission released funding Friday for a number of projects, including $25 million for two technology companies and Pitney Bowes.
Datto Inc. of Norwalk received a $1 million grant and $5 million loan at 1 percent interest for 10 years. The loan would be forgiven if the company keeps 150 jobs and adds 200 within five years. The technology company provides backup and disaster recovery solutions for businesses. According to its website, it has grown 300 percent annually for the past four years.
“This is a perfect example of the kind of investment in strategic sectors that we look for,” Economic Development Commissioner Catherine Smith said. “We know that most job creation comes from young, small companies, and Datto is a leader in one of the hottest sectors of the Internet and information technology industry.”
Core Informatics in Branford, the second technology company on Friday’s agenda, will get a $250,000 grant and $2.75 million loan at 2 percent interest for 10 years, with $1 million of that forgiven if the company keeps 15 jobs and adds 69 more. The company is run by Josh Geballe, the son of Shelley Geballe, who founded Connecticut Voices for Children.
See the complete story at CT News Junkie.
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