Small Business ExpressFebruary 1, 2017
Department of Economic and Community Development: Small Business Express ($5,000,000 in new General Obligation bonds).
The allocation will be used to recapitalize the Small Business Express Program, which was created by Public Act 11-1 of the October Special Session. The State Bond Commission allocated $252.2 million in total to the program since 2011.
Background: The Small Business Express Program provides loans and grants to Connecticut’s small business to spur job creation and growth. Assistance focuses on: (1) access to capital and (2) incentive loan and grant funds.
Small businesses are eligible if they meet the following criteria:
- Have operations in Connecticut
- Are registered to conduct business for not less than twelve months
- Are in good standing with all state agencies and payment of all state taxes and
- Employ not more than 100 employees.
Priority for available funding will be given to those eligible applicants who are (1) creating new jobs and (2) within Connecticut’s economic base industries, as defined in CGS 32-222, including but not limited to: precision manufacturing, business services, green and sustainable technology, bioscience, and information technology sectors.
As of September 2, 2016, a total of 1,601 businesses have received $251.1 million in loans and grants through the program. This resulted in the creation of 6,362 jobs and the retention of 17,882 jobs, according to DECD.