seCTer Closes First CT Small Business Lending Program Loan


New London:  On March 2 the SouthEastern Connecticut Enterprise Region (seCTer) closed its first loan with funds made available by the Connecticut Credit Consortium, a program of the Connecticut Department of Economic and Community Development.  The loan was made to Myometrics, Inc. of New London, a start up bio-technology firm founded in 2007.  The company is focused on the discovery of therapies to treat diseases of the neuromuscular and skeletal systems and is also engaged in providing CRO work for large pharmaceutical companies.  Proceeds of the loan will be used to purchase machinery and equipment for use in the development of drugs to treat, among other diseases, Periodontitis and ALS (Lou Gehrig’s Disease).

The fund from which this loan was made is administered in the southeastern CT region exclusively by seCTer.  Ms. Ann Chambers, seCTer Loan Officer, noted that the Myometrics loan is the first of several from this fund that she anticipates will close in the next few months.  “This fund offers an opportunity for seCTer to expand its loan resources and to reach out to the many small businesses in New London County that might need a ‘shot in the arm’ to aid in their business growth,” she said.  The loan enabled Jim O’Malley, President and CEO of Myometrics to purchase a cone beam CT scanner that will enable him to monitor new bone formation induced by the therapeutics that Myometrics are developing. “The acquisition of this technology has had a major impact on speeding up our research and also dramatically reduces the number of animals that need to be used in each study,” said Jim O’Malley.  “SeCTer has played a vital role in Myometrics growth by allowing us to access capital that we could not get from conventional sources.  Without this access to capital which we have used to invest in new technologies and built facilities we would not have been able to stay in Connecticut,” he added.

The new CT Small Business Lending Program, offers Loans for amounts up to $100,000, for a term of up to ten years, at a fixed 4% interest rate, and may be combined with other loan programs administered by seCTer.   For more information on this program or seCTer’s other loan funds, contact Ann Chambers at seCTer, 860-437-4659, ext 204, or achambers@secter.org.