Richard's Machine Tool Company recently won a $50,000 grant through the Connecticut Department of Economic and Community Development and Connecticut Center for Advanced Technology, Inc.'s Innovation Fund. The grant will be used to purchase new machinery and expand the manufacturing business. Richard's also received a $130,000 loan and $70,000 matching grant through the State of Connecticut to create and retain good-paying jobs.
"Over the last 38 years, the state of Connecticut has seen Richard's grow their business and create jobs. Their dedicated leadership team has maintained a strong commitment to keeping jobs here in Connecticut, and that's worth celebrating," said Murphy.
Dorothy Weber, Co-Owner of Richards Machine Tool Company, Inc., said, "We are a management team committed to long term growth and sustainability. These programs sustain and grow our workforce in an extremely competitive market through aid with technologies aimed at efficiency and productivity improvements. We are also working hard to secure a Pratt & Whitney supplier code as a women-owned minority business enterprise."
The manufacturing industry plays a crucial role throughout Connecticut communities, creating new jobs and accelerating our state's economic recovery. Today, Connecticut's 4,600 manufacturers account for 10% of the state's jobs and 87% of the state's total exports. In order to protect and grow manufacturing jobs in Connecticut, Murphy has introduced two pieces of legislation that aim to strengthen existing standards and prioritize the purchase of American-made goods, the 21st Century Buy American Act and the American Jobs Matter Act.