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July 26, 2013

CT offers $5M for NY firm's Greenwich relo

Submitted photo Leonard Tannenbaum, CEO of Fifth Street Finance Corp.

Connecticut is pledging $5 million to assist a Westchester County, N.Y., commercial lender’s move of operations and 50 jobs to Greenwich, authorities say.

Gov. Dannel P. Malloy announced Friday that affiliates of Fifth Street Finance Corp. will relocate from White Plains into an unidentified, 44,000-square-foot building it plans to purchase in Greenwich.

The State Bond Commission was expected to approve the funding later at its Friday meeting.

The state’s financing will consist of a 10-year, low-interest, $4 million loan to buy and refit the property, plus a $500,000 grant for job training and another $500,000 grant to outfit the building with a renewable-energy power system, such as solar, fuel cell or wind.

In return, FSC CT Inc. has committed to adding at least 46 more job in the coming decade, authorities said.

Fifth Street’s specialty is providing senior secured loans to middle market companies.

Some $3 million of the loan is forgivable if Fifth Street delivers on its job-growth and commitments to the state, officials said.

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