Governor Rowland Announces Pilot Financing Program for Bioscience.Business Editors and Medical/Health Writers BIOWIRE2K HARTFORD, Conn.--(BUSINESS WIRE)--Sept. 18, 2002 Governor John G. Rowland today announced a pilot program to assist the growth of emerging, Connecticut-based bioscience bioscience /bio·sci·ence/ (-si´ens) the study of biology wherein all the applicable sciences (physics, chemistry, etc.) are applied. bi·o·sci·ence n. See life science. companies. The program, which begins January 1, 2003, will provide Connecticut banks with a 30 percent loan guarantee for small bioscience companies requesting financing for machinery and equipment. "Connecticut-based bioscience research and development investment in 2001 totaled $3.6 billion, an 18 percent increase over 2000," Governor Rowland said. "This fund should provide further incentive to the bioscience companies currently located in the state, as well as those considering relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. to Connecticut." This fund underscores the state's commitment to further fostering the growth of the bioscience industry. Through this program, the state's Office of BioScience will provide banks with a better understanding of companies' specific activities and serve as an additional resource for financing. Webster Bank Webster Bank is a bank based based out of Waterbury, Connecticut. It is the largest Connecticut based bank and the 42nd largest in the United States. History Webster was founded in 1935 by Harold Webster Smith. will be the first bank to participate in the program. The state will provide an initial investment of $1 million (from existing funds) and leverage private investment of $3 million. Additional Connecticut banks will be offered the opportunity to participate in this program in the coming months, and the fund is expected to increase to $3.5 million and leverage more than $11 million in private investment over the next two years. The Office of BioScience, housed within Department of Economic and Community Development (DECD DECD Deceased DECD Department of Economic and Community Development (State of Connecticut and Maine) DECD Digital Expandable Color Display ), was created in response to recommendations from leaders of the state's organizational center for the BioScience Cluster, Connecticut United for Research Excellence (CURE). The Office of BioScience facilitates the growth of existing Connecticut companies List of Connecticut companies includes notable companies that are, or once were, headquartered in Connecticut. A
adj. Tending to cause or bring about; contributive: working conditions not conducive to productivity. See Synonyms at favorable. to bioscience growth. For more information please visit www.DECD.org. The DECD, the Connecticut Technology Council, and CURE have partnered to promote the message of "Technology... You Belong in Connecticut." This is the latest phase of the You Belong in Connecticut campaign promoting Connecticut nationally as a technology hot spot. Current efforts seek to highlight the state's thriving thrive intr.v. thrived or throve , thrived or thriv·en , thriv·ing, thrives 1. To make steady progress; prosper. 2. bioscience and information technology industries, in addition to Connecticut's strategic location between Boston and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , access to venture capital, markets for technology products and services, business-friendly government, quality of life, and one of the best-educated workforces in the nation. For more information, visit www.youbelonginct.com. |
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