Business & Tech
State Funds a Significant Help for Farmington Business
Turbine Technologies has received nearly $35,000 that won't have to be paid back and is about to get another $50,000 state grant.
State funds have been a significant help for Turbine Technologies, reports the Hartford Courant.
Turbine Technologies has received nearly $35,000 that won’t have to be paid back and is about to get another $50,000 state grant because President and CEO Tyler Burke was chosen as the veteran-owned small business person of the year.
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The other state grants were for incumbent worker training and subsidies for hiring unemployed veterans or unemployed people in low- to moderate-income families. The hiring subsidy amounts to about two-thirds of a new hire’s salary for six months.
A year ago, the company also borrowed $203,000 through the Small Business Express program at below-market rates. It used that money to buy four machines.
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The company, which manufactures jet engine parts, was ”in dire need a couple of years ago,” according to the vice president.
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