Daily News: July 29, 2013

Fifth Street Finance Moving to Greenwich

Connecticut governor Dannel P. Malloy announced $5 million in loans and grants to FSC, Inc., an administrator and affiliate of Fifth Street Finance and Fifth Street Senior Floating Rate Corp. to relocate Fifth Street’s operations to Greenwich. The company, through its Fifth Street affiliates, will bring approximately 50 jobs from its present location in White Plains, NY and plans to add at least 46 more jobs as it grows over the coming decade.

“Connecticut has long been home to some of the most sophisticated and innovative risk and money management companies in the world,” said Governor Malloy. “Fifth Street’s move strengthens Connecticut’s competitive position in this global industry and demonstrates that Connecticut continues to be a preferred destination for firms that could locate their business almost anywhere.”

“We are thrilled to relocate our operations to the State of Connecticut,” said Leonard Tannenbaum, Fifth Street’s chief executive officer. “When completed, our new headquarters in Greenwich will support the rapid growth of our company and the overall Fifth Street platform, while maximizing the efficiency of our organization. The Fifth Street platform as a whole is one of the leading small to mid-sized lending organizations in the country, including being a lender to several Connecticut-based companies. We appreciate the Governor’s vision to support the continued growth of Greenwich as a major financial services hub.”

The Department of Economic and Community Development (DECD) will provide a 10-year, $4 million loan for the purchase and fit-out of 44,000 square feet of space in a building located in Greenwich. As the company reaches hiring milestones, up to $3 million of the loan may be forgiven. DECD will provide a $500,000 grant to fund job training and a $500,000 grant for the installation of a fuel cell, wind, or solar-powered energy system at the Greenwich site.

To read the entire news release, click here.