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The low-interest loan will be issued through the Department of Economic and Community Development’s Economic and Manufacturing and Assistance Act and has been awarded to Axel Plastics to assist with machinery and equipment as part of the company’s relocation.
Axel Plastics is eligible for partial loan forgiveness if the company meets its goal of creating 35 new jobs within three years.
“I am pleased to see Connecticut grant this loan to Axel Plastics which will aid in their relocation from New York and spur economic development in Monroe,” Sredzinski said. “As someone serving on the Commerce Committee, I know first-hand this is exactly why these loans exist. This move of this business will benefit our community by increasing jobs, helping our property tax base and growing our town’s economy.”
The Economic and Manufacturing Assistance Act provides incentive-driven loans for projects within the state for which there is a strong economic development potential. Eligible projects include construction or renovation of buildings, relocation expenses and acquisition of equipment.
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