(AP) — A commission approved a $22 million loan and grant package on Friday to help the world's largest hedge fund upgrade and expand its offices despite questions about whether the deal makes financial sense for a state facing continued budget problems. "If we are to win any of these competitions, then we have to participate in the same way as the states and the commonwealth we're competing with," said Malloy, who was unsuccessful last year in trying to persuade General Electric to keep its longtime corporate headquarters in Fairfield. Under Connecticut's agreement with Bridgewater, which manages approximately $150 billion in investments for institutional clients, the hedge fund will receive $5 million in training and energy assistance grants and a $17 million low-interest loan that will be forgiven if it keeps its promises for new and retained jobs in Connecticut. While he has supported previous aid packages for private industry, Lembo said, "This case stands out as the state now faces a new economic reality." The General Assembly recently passed a revised $19.7 billion budget for the fiscal year beginning July 1 that attempts to cover a projected $960 million deficit by making deep cuts across state government, including social service programs.