Waterford's Lumachip Inc. To Expand With 20 New Jobs

Lumachip Inc., which is located at 156 Cross Road, will expand its operation and hire another 20 employees, thanks in part to a $500,000 loan by the state government, according to a release by the governor’s office.

“In today's difficult business environment it is extremely important that non-traditional sources of lending are available to small business here in Connecticut,” said Andrew Macy, Chief Operations Officer of Lumachip, in the release.  “The Department of Economic and Community Development, under Governor Malloy’s leadership, has made capital more accessible at a critical time, enabling Lumachip to move ahead aggressively with an expansion plan for an industry-leading manufacturing center in Southeastern Connecticut.”

Lumachip builds solid-state lighting, such as Light Emitting Diode (LED) lighting, according to the company’s website. Lumachip will use the loan to purchase and install state-of-the-art LED semi-conductor equipment that will allow the company to expand its manufacturing capacity and hire 20 new employees, according to the release.

Tour

Governor Dannel Malloy and State Sen. Andrea Stillman as part of Malloy's jobs tour. That tour was a big reason Lumachip received the loan, Stillman said.

“When Governor Malloy and I toured the Lumachip facility a few months ago, Andrew Macy and other company officials made a strong case for this grant.,” Stillman said in the release. “I’m delighted by DECD’s favorable consideration of its application.  I have long held the best formula for economic growth is a partnership between the public and private sectors through which regulation and capital investment is coupled with the creativity and adaptability of private businesses.”

The loan is for 10 years, and has an interest rate of 4 percent, according to the release. The principal and interest will be deferred for the first year, according to the release.

“Small business is synonymous with innovation,” Malloy said in the release.  “It’s this innovative spirit that makes Connecticut small businesses essential to our state’s economic growth, and why state support is so critical for companies like Lumachip.”