The Connecticut Department of Economic and Community Development will provide a $3 million, 10-year loan at 2% interest to Bakery On Main for the construction of a new 111,000-square-foot facility and new machinery and bakery equipment. Bakery on Main will contribute $600,000 of its own funding and has secured another $5 million in bank financing.
The company currently has 59 employees at its 26,000-square-foot facility. If it adds 70 new jobs over the next four years, the D.E.C.D. said it will forgive $1.5 million of the loan principal.