Fairfield Crystal Technology LLC a $200,000 loan to help expand its operations in New Milford. The total project cost is estimated at $637,000 and will be used to purchase machinery and equipment, make leasehold improvements at their facility, purchase raw materials for its optical crystals, and conduct research and development. The $200,000 loan will be at a fixed rate of two-percent for a term of 10 years.
“I am very pleased that the State of Connecticut through the Department of Economic and Community Development has approved this financial assistance for our company,” said Andrew Timmerman, CEO of Fairfield Crystal Technology LLC. “This is a very exciting time for our company. This funding will be used to expand our operation through the purchase of additional capital equipment, such as crystal growth furnaces, enabling us to advance our technology and introduce products more quickly to the marketplace.”
Fairfield Crystal Technology develops and manufactures advanced semiconductor and optical materials to be used in solid state lighting, wireless communications, optical storage, medical imaging, high power lasers and for use in research and development.
Established in the spring of 2005, the Small Manufacturer’s Competitiveness Fund was created to offer loans and other assistance to help small manufacturers remain or become competitive when faced with challenges from foreign and out-of-state manufacturers.
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