News and Events

Last month the CDA Board of Directors approved over $5 million in direct loans to four Connecticut companies.

Volvo Aero Connecticut, LLC, will receive a $2 million loan to purchase new machinery and equipment. The Newington-based manufacturer of precision aerospace engine components expects an increase in orders that will help retain and create a total of 103 positions.

Alpha Q, Inc. in Colchester manufactures components and assemblies for turbine engines and helicopters, and is named on Sikorsky’s Top 100 Supplier list. Alpha Q will use a $1.225 million direct loan from the CDA to construct specialized fixtures, tooling and inspection equipment that is needed to fill new orders. Alpha Q currently expects to retain and create 99 full-time jobs.

Devon Precision Industries of Wolcott will receive a $1.5 million direct loan for working capital.  Devon Precision is a manufacturer that specializes in very small metal components with a variety of applications, including firing pins for fire arms, and detonation devices for the military and defense industry. The company expects that this availability of credit will help them retain and create 128 jobs.

LM Gill Welding & Manufacturing, LLC is a Manchester based company that serves as a supplier to the Department of Defense They will receive a $500,000 loan from CDA for machinery, equipment and working capital to complete pending orders. LM’s specialty is in CNC turning, milling, welding and sheet metal work, and the manufacturing of components primarily used in aviation, aerospace and the naval industry. LM offers repair services as well. The company employs 25 people full time.

Since January, the CDA has approved nearly $25 million in financing to 26 small businesses across the state. This financial assistance has helped retain and create over 2,500 Connecticut jobs.