Total Mortgage Services has announced a deal with the state of Connecticut to expand its headquarters in Milford. The company said it will create 140 new jobs in the town, doubling its Connecticut workforce over five years.
In return, the company will receive a $3.5 million low-cost loan. Half of that could be forgiven if the employment level is maintained.
Governor Dannel Malloy told a press conference that he's confident this type of economic development policy is working. "If you look at some of the investments like this one that we're making," he said, "we're talking about the retention and creation of 42,000 jobs in the state of Connecticut. It really is quite remarkable. It is a way to get the state's economy growing. It is a way to keep great companies growing here in Connecticut."
Total Mortgage has been in Milford for 17 years. CEO John Walsh said that as well as allowing the company to move into a new headquarters, the state funding will help them explore new areas of lending. The company does business in 30 states.
Watch CT-N's footage of Monday's announcement: