SBA 504 Financing Blends Legacy and Innovation for Bakery Manufacturer
SBA's 504 loan program continues to drive Connecticut's economic growth, successfully paving the way for the acquisition and expansion of A. Fiorillo & Co., a specialized bakery ingredient manufacturer and private-label blender serving the Northeast. Founded in 1971, the company was recently acquired by entrepreneur Adam Young.
When Adam Young acquired A. Fiorillo & Co., he saw more than a business opportunity, he saw the chance to build on a strong legacy while creating new opportunities for growth. As a proud U.S. Navy veteran, Naval Academy graduate, Adam led large-scale manufacturing operations and business acquisitions throughout his career and was uniquely positioned to combine his experienced leadership together with a dedicated workforce to preserve jobs and create a lasting economic impact in the Southington community.
Thanks to financing partnered by BDC Capital New England and PeoplesBank, Young secured the company’s permanent home: a 26,000-square-foot, single-story manufacturing warehouse situated on 3.11 acres in the Milldale section of Southington. This state-of-the-art facility is both an FDA-certified Good Manufacturing Practice (GMP) plant and an FDA-approved kosher facility, allowing the company to seamlessly serve commercial bakers, consumer packaged goods (CPG) manufacturers, and diverse food service clients. The strategic acquisition has already driven local economic growth. Since taking ownership, Young has hired two new employees and expanded the company's catalog with innovative commercial products. Armed with a permanent operational base, A. Fiorillo & Co. is perfectly positioned to continue its legacy of wholesale excellence for many more decades to come.
L-R: Sylina Jacobs (Outreach & Marketing Specialist, SBA CT District Office), David Raccio (Sr. Vice President, Director of SBA Lending, BDC Capital/New England CDC), Moraima Gutierrez (Deputy District Director, SBA CT District Office), Adam Young (President, A. Fiorillo & Co.), Daniel Bishop (1st VP Commercial Lending, PeoplesBank)
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State Trade Expansion Program (STEP): Funds Available for Qualifying Connecticut Companies
The Department of Economic and Community Development (DECD), has been awarded a State Trade Expansion Program (STEP) Grant from the Small Business Administration (SBA). The grant runs from July 22, 2026 through September 29, 2027. Through this grant, DECD has created an Export General Assistance Fund (GAF).
STEP will fund eligible projects occurring July 22, 2026 through September 29, 2027.
STEP funds may be used towards eligible costs associated with:
- Foreign trade shows
- Domestic trade shows with an international presence
- Trade missions
- U.S. Department of Commerce services
- Design of international marketing materials
- Website translation
- Export training (training must be minimum of one hour and must include two or more
- people from a business)
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SBA Announces $9 Million in Grant Funding for the Supply Chain Acceleration and Logistics Enablement (SCALE) Program
The U.S. Small Business Administration (SBA) announced it is seeking proposals for a new funding competition as part of the Supply Chain Acceleration and Logistics Enablement (SCALE) Program, which will award 20 grants of up to $500,000 each over a two‑year period of performance. The program, which will provide a total of $9 million in funding, is designed to help small businesses address supply chain constraints, increase production, and expand participation in strategically important supply chains. Learn More Here.
