By SCOTT WHIPPLE
Herald Staff

BERLIN — The state has approved a $290,000 low-interest loan to Alden Tool Co. Inc. for the purchase of new machinery. The loan will enable the company to expand its operations and create 10 jobs over the next three years.

“Despite fierce competition at the national and international levels, Connecticut’s small manufacturers continue to excel and make extensive contributions to the state’s economy,” Gov. M. Jodi Rell said in a prepared statement. “We are proud to partner with Alden Tool Co., which has a 60-year history in our state. This state loan will help the company boost production and provide them with the high-tech manufacturing capabilities they need to successfully grow their business.”

Dan Muravnick, quality assurance manager, said the company will use the loan to acquire a new  machine in order to double its capacity in manufacturing small-diameter drills and reamers these are instruments used to manufacture medical tools for hip and knee replacement surgery.

“It was a loan we applied for,” said Muravnick. “We’re pretty excited; just found out about it today.”

Alden employs 25 people and manufactures screw machine parts.

The company’s primary market is medical products; it also manufactures general-commercial parts, power-generation components and firearms parts.

The state’s share of the financing is being provided by the Department of Economic and Community Development and the Connecticut Development Authority.

CDA President Marie O’Brien said a factor in CDA’s decision to make the loan was Alden’s ISO certification.

“We feel it’s important to take some of the state’s precision manufacturers and advance them into new, more profitable markets,” she said.

Joe Harpie, CDA’s senior vice president and chief lending officer, called Alden “a company that has made a conscious decision to get into medical instrumentation industry. We can lend up to $5 million to any qualified business. One of our key advantages is the quick, 45-day turnaround from application to approval.”

“This is good news for Berlin, especially during these difficult economic times,” said Mayor Adam Salina.

“It’s wonderful to see a local business doing well and having the ability to bring more jobs to the town.”

Scott Whipple can be reached at swhipple@newbritainherald.com or by calling (860) 225-4601, ext. 310.