GNYDC is pleased to announce the closing of its first SBA 504 deal in Connecticut. The project , located in Milford, Connecticut provided subordinate financing for Metroplitan Dental Laboratory to expand its facilities from 2500 to 4800 square feet, adding ten new jobs to its existing workforce.

Formed in 1998, Metropolitan is a family owned and operated business. Alexander Askalsky , his wife Helen and their daughter Angela operate the company as a dental lab, specializing in manufacture of dental implants, bridges and crowns-offering a complete line for the dental industry. The company’s customers are private dental offices and dental schools.  In addition to the manufacturing, Metropolitan also trains dental technicians. The Askalsky’s are known for being able to handle even the most difficult cases of dental reconstruction.

CIT provided a senior loan  with GNYDC under the SBA 504 loan program providing the subordinate financing for a total of 90% of project cost (including acquisition, renovations and soft costs). The 504 loan was for 20 years at a low fixed rate based on 10 year treasury rates.

Said Douglas Asofsky, LIDC's Chairman of the Board, about Metropolitan “ this is an example of a solid small business, achieving success and growing in the community with the help of SBA 504 financing. These are the types of businesses we want in our community - hiring high skilled people, serving a real need, and solidifying their presence with real estate ownership.”