HomeServe Expansion, Move To Norwalk Lands Millions From State

The state awarded millions of dollars to HomeServe USA on Wednesday for its move to a larger office in Norwalk and its plans to create more than 100 jobs in Connecticut.

HomeServe outgrew its Stamford offices and moved into Norwalk's Merritt 7 Corporate Office Park in November, the company said. The home emergency repair business, which has 109 employees in Stamford, expects to create 130 new jobs over the next five years.

The move and expansion is estimated to come in at $33 million, according to the governor's office.

HomeServe will receive a $1 million grant and a $3 million loan, two-thirds of which is forgivable if job targets are met, according to the state Department of Economic and Community Development. It can also apply for up to $5 million in urban reinvestment tax credits from the state.

The company's home repair service plans help cover the costs water line and sewer line breaks, heating and cooling issues and electrical issues.

"Our business has seen tremendous growth over the past decade as American homeowners have come to understand the value our service plans provide, and we've increased our employee numbers to meet that demand," Tom Rusin, the company's chief executive, said in a written statement.

State Sen. Bob Duff, who represents Norwalk, said the company's "growth trajectory is impressive."

Gov. Dannel P. Malloy said in a statement that the expansion "will help foster further growth for the company and create good-paying jobs with good benefits for Connecticut residents."

His office expects the State Bond Commission to approve the funding at Friday's meeting in Hartford.

Catherine Smith, the state's economic development commissioner, said that using the state's "flexible financing tools we can ensure that this type of expansion project takes place within our borders and not in a competitor state."

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HomeServe Expansion, Move To Norwalk Lands Millions From State