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Monroe company receives forgiveable loan from state

A Monroe company is being helped by the state to grow their business.  State Representative JP Sredzinski says the state Bond Commission recently approved a loan to Northeast Laser Engraving, Inc. to help them purchase new machinery and expand their Monroe facility.  The loan is for $700,000.  Northeast Laser Engraving Inc. will pay back the loan at an interest rate of 2-percent for ten years.

 

The company will retain 85 jobs and create 20 new jobs within two years.  Northeast Laser Engraving will be eligible for $200,000 in loan forgiveness if it meets the job retention and creation goals.  Right now they have 110 people working for them in 3 shifts.

 

The company's president told Sredzinski during a recent tour of the facility that the state has is a good talent pool coming out of the tech-schools and is working with Fairfield University and Housatonic Community College to bring in talented engineers.

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Todd Schnitt

Local Headlines