GREENWICH, Conn. -- Another finance firm will be joining the growing industry in the Greenwich-Stamford area, Gov. Dannel Malloy announced Friday.
FSC CT Inc. will relocate its Fifth Street’s operations to Greenwich, moving about 50 jobs from its current location in White Plains, N.Y., Malloy said. It plans to add at least 46 more jobs as it grows over the coming decade, he said.
The state of Connecticut awarded $5 million in loans and grants to FSC CT for the move.
“Connecticut has long been home to some of the most sophisticated and innovative risk and money management companies in the world,” said Malloy. “Fifth Street’s move strengthens Connecticut’s competitive position in this global industry and demonstrates that Connecticut continues to be a preferred destination for firms that could locate their business almost anywhere.”
FSC CT is an administrator and an affiliate of Fifth Street Finance Corp., a specialty finance company that lends to and invests in small and mid-sized companies, primarily in connection with investments by private equity sponsors, and Fifth Street Senior Floating Rate Corp., a business development company that invests primarily in senior secured loans to middle market companies.
“We are thrilled to relocate our operations to the State of Connecticut,” said Leonard Tannenbaum, Fifth Street’s chief executive officer. “When completed, our new headquarters in Greenwich will support the rapid growth of our company and the overall Fifth Street platform, while maximizing the efficiency of our organization. The Fifth Street platform as a whole is one of the leading small to mid-sized lending organizations in the country, including being a lender to several Connecticut-based companies. We appreciate the governor’s vision to support the continued growth of Greenwich as a major financial services hub.”
The Department of Economic and Community Development will provide a 10-year, $4 million loan for the purchase and fit-out of 44,000 square feet of space in a building in Greenwich. As the company reaches hiring milestones, up to $3 million of the loan may be forgiven. DECD will provide a $500,000 grant to fund job training and a $500,000 grant for the installation of a fuel cell, wind, or solar-powered energy system at the Greenwich site.
“We welcome Fifth Street to Connecticut,” said DECD Commissioner Catherine Smith. “Connecticut is an ideal location for financial services firms like Fifth Street due to the wealth of talent we have in this sector as well as the proximity to the financial markets. We are delighted they made their new home in our state.”
The project is expected to create about 498 construction jobs and 615 support jobs.
“Connecticut has long been a world leader in finance and investment management,” said state Sen. L. Scott Frantz (R-Greenwich). “We must focus on helping this important segment of our economy remain and grow in our own state. This assistance will help Fifth Street relocate and create jobs right here in Connecticut.”
The funding requires State Bond Commission approval and will be voted on during its meeting Friday.
Click here to sign up for Daily Voice's free daily emails and news alerts.