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“With these new investments by NewOak and others, which have been attracted to the state over the past year, we are once again growing jobs in the State of Connecticut,” Malloy said. The NewOak expansion into Danbury is a $13 million investment, which includes a $3 million loan from the state to be repaid over 10 years.
“This is a great day for Danbury, a great day for the State of Connecticut, a great vote of confidence in what is a special area for the state of Connecticut to have NewOak move here,” the governor said.
The company plans to create about 50 new jobs in the first year and expand to an office of 100 over the next three years, it said. NewOak opened in 2008 in New York City and is a specialized financial advisory firm that works with trillions of dollars in assets.
“The jobs that will be built here for NewOak are going to be brand new jobs. We’re not transferring these jobs from another location these are new jobs here in Connecticut.” Economic and Community Development Commissioner Catherine Smith said.
Danbury Mayor Mark Boughton touted the NewOak move as a “tremendous win for the State of Connecticut” and for the City of Danbury.
“This beautiful relationship started right around Hurricane Sandy. It’s one of the good things that came out of that interesting week. And we’ve been able to build on a very strong relationship and encourage Jim and his team to come to Danbury,” Boughton said.
The financial services company will primarily have the headquarters of its mortgage services department located in Danbury. But each department will have representation in Danbury, said Chad Burhance, head of NewOak Solutions.
Part of the reason the expansion was made to Danbury was so the company could work with a new and relatively untapped talent pool, President and Co-Founder James Frischling said. NewOak wanted to move out of the competition area of New York City in hopes of looking more interesting to a wider range of people, he said.
“This is an important day at NewOak, and none of this would have been possible without the assistance of the state,” as well as Smith, Boughton and members of the Danbury Chamber of Commerce, Frischling said.
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