Old Greenwich Firm To Receive State Grant

An Old Greenwich consulting firm is one of five Connecticut small businesses have qualified for assistance through the state’s Small Business Express Program (EXP).

The program was created as a part of the bipartisan Jobs Bill passed during last year’s jobs special session, to encourage business expansion and job growth, according to a statement released by Gov. Dannel Malloy. 

Mandragore, LLC of Old Greenwich is receiving a job creation incentive loan of $250,000 and investing company funds of $57,000. The business and technology consulting firm will retain two and hire five more people, and funds will be used for training, marketing, and expansion of its proprietary “UFlexData” software platform.

 “I am very proud that Mandragore, LLC was able to impress the DECD enough to be awarded a significant low interest loan package to assist in their growth and hiring,” State Senator L. Scott Frantz (R-Greenwich) said.  “Young companies, such as Mandragore, not only represent future jobs, local economic development and additional revenues to the State of Connecticut, they also represent a good return to the taxpayer whose investment is repaid manifold.”

Malloy said, “These thriving entrepreneurs are succeeding thanks to a keen understanding of their industries and how to serve their customers, and the Small Business Express Program is responsive to their drive to sharpen that competitive edge.”

In total, EXP is to provide $100 million aid to small businesses hire more employees and fund capital investments.  The program, administered by the Department of Economic and Community Development (DECD), offers loans and matching grants to Connecticut companies with fewer than 50 employees at the time of application.