State of Connecticut lends $9m over 20 years to save jobs
Warren Buffett’s most profitable firm General Re, has secured a $9m loan at 2% from Connecticut to keep the Stamford-based company in state for at least four more years, Bloomberg reports.
The funding “ensures that a company based in our state since 1974 is not lost to a neighbouring state,” Governor Jodi Rell said. The 20-year, 2% loan requires General Re to keep an average of 820 workers in Stamford through 2013, said Jim Watson, a spokesman for the state’s Department of Economic and Commercial Development.
“Gen Re had to make a decision - stay in Stamford or relocate to Westchester County, New York - and we were not going to lose those dependable jobs,” Rell said. “Smart, targeted loans and investments by the state will prevent” the loss of insurance-industry positions.
