ROCKY HILL, Conn. (AP) – A Connecticut agency has announced it is boosting spending to recruit technology companies to the state.
Connecticut Innovations, the state’s quasi-public authority responsible for technology-based economic development, said Wednesday it will spend $50 million annually over five years to recruit companies from other states.
The state is contributing $25 million, matched by $25 million from Connecticut Innovations.
The money will be used for loans and investments in companies, relocation assistance to draw companies to Connecticut and other initiatives.
Connecticut Innovations says spending over the last three years has been between $9 million and $12 million. The agency said funding from the state was included in a jobs bill signed into law last year by Gov. Dannel P. Malloy.