A group representing Connecticut towns and cities says the state is shortchanging them by millions of dollars, inadequately reimbursing them for tax-exempt sites in their borders.

Westport specialty financier Patriot Capital Funding has arranged $32.5 million in financing for an undisclosed “provider of services for the biomedical research industry.”

U.S. reverse mortgage loan creation rose 4.2 percent to a record level in fiscal 2008 and growth is expected to accelerate next year due to an impending increase in the federally insured loan limit, a trade group said this week.

Paige Bennett has been promoted to vice president, operations, at Nutmeg Financial Mutual Holding Co., parent company of Naugatuck Savings Bank and Castle Bank and Trust.

A Rocky Hill contractor has had his home improvement registration suspended for failing to pay state regulators a monthly penalty levied by the state’s Department of Consumer Protection on behalf of customers for claims of unfinished work and damages.