Neeltran Inc., a manufacturer of power systems and transformers, received state loan funding to support the company’s purchase of machinery and equipment and renovate and expand its facility in New Milford, Connecticut.

“For nearly 40 years, Neeltran Inc. has been leading by example, both by setting the standard within the power supply industry and for its corporate citizenship in New Milford,” said Governor Dannel P. Malloy. “Neeltran, one of the few family owned and operated companies in its field, has been recognized for creating jobs, its civic engagement, its collaborative spirit, and for its leadership in improving and growing the region. I’m proud that we will support their continued growth.”

The total cost of Neeltran’s project is $1.75 million and includes company funds and bank financing. The Connecticut Department of Economic and Community Development will provide a $750,000, 10-year loan at 2 percent interest, with $150,000 loan forgiveness if the company y meets its job retention and creation targets.

“The State and Local governments have been instrumental in assisting Neeltran in its growth,” said Neeltran President/COO Antonio Capanna Jr. “Neeltran employs a very talented Connecticut work force and this loan will allow sales expansion in our North American territory and expand global exports.”

“This is a great example of the public-private partnership at work. DECD partners with a business and its bank, fills in the investment gap, and spurs economic development by getting a project off the ground,” said DECD Commissioner Catherine Smith. “DECD is supporting the company’s 6,000-square-foot addition and purchase of new machinery and equipment, and in the process helping the company grow high-quality jobs here at home and develop its competitive edge in the global market.”