HARTFORD, Conn. -- Shawmut Bank said it has made the first loan that combines guarantees from both the federal Export-Import Bank and the Connecticut Development Authority.
The $12.5 million loan to Intergrated Industrial Systems Inc. of Yalesville, Conn., supports the manufacture and sale of a cold rolling steel mill to Pengda Steel Sheet Co. in Hainan Province, China.
The financing consists of an $8 million working capital loan that is 30% guaranteed by the state development agency and a $4.5 million export loan guaranteed by the Export-Import Bank.
