Sen. Welch: State Funding to Help Plainville Small Business Grow Jobs [Bristol Press]

February 17, 2012

Story as it appeared in the Bristol Press

Plainville small business gets $250,000 grant
Thursday, February 16, 2012 10:07 PM EST

By Scott Whipple
Staff Writer

PLAINVILLE — Elka Precision is one of five small businesses that qualified for grants Thursday through the state’s Small Business Express program

To its president and owner, Lithuanian-born Leonid Kashchenevsky, the $250,000 grant was welcome news.

“It will ease our cash flow without selling part of our company to private investors,” he said.

Gov. Dannel P. Malloy said the state will provide a total of $100 million to help small businesses hire more employees and fund capital investments.

A world leader in the design and manufacture of hydrostatic spindles, tables, and slides that improve grinding accuracy and reduce grinding, Elka Precision plans to aggressively market its products in Europe and in Asia. The company, which plans to hire eight new employees (it currently employs seven workers), received a Job Creation Incentive loan to use for equipment, training, travel, and other related expenses.

Created as a part of jobs legislation bill passed during the October special session, the grant will also enable Kashchenevsky to develop a product that he says will set his company apart from his competition.

“This is a solid investment in job growth,” said state Rep. Betty Boukus, D-Plainville. “This commitment to Elka Precision sends an important message that Governor Malloy and the legislature are committed to growing manufacturing jobs here in Connecticut.”

“What great news for Elka Precision and great news for Plainville,” said state Sen. Jason Welch, R-Bristol. “The bipartisan jobs bill puts small businesses first by providing much needed assistance for companies wishing to expand and hire more employees. This announcement is a perfect example of how the policies we create in Hartford can keep and grow jobs right here in central Connecticut.”

The four other small businesses receiving grants are Norwich Printing Co; Connecticut Casket Co., Willimantic; Wooden-it-be-Nice Inc., a Marlborough consignment furniture company and My Three Sons, an indoor family entertainment center in Norwalk.