Berlin Firm Receives State Loan To Add Jobs

The Berlin-based Amco Precision Tool Inc. has received a $2.1 million loan to add jobs because of a new contract that requires it to increase production, according to an announcement this week from Gov. Dannel P. Malloy’s office.

The state Department of Economic and Community Development’s Manufacturing Assistance Act program will charge the commercial and aerospace machine shop 2 percent interest on the 10-year loan, with principal deferred for five years, according to HartfordBusiness.com.

And if Amco retains its 34 current employees and adds 25 more within six years, the state will forgive $1.6 million of the loan, according to the report which can be found here.

According to its website, AMCO Precision Tool was founded in 1966 by Amedeo Zovich, and caters to the custom tooling and grinding needs of the Northeast. Since then, AMCO has grown into a highly capable machining source that specializes in intricate aerospace and commercial parts.

Photo from www.amcoprecision.com.