Small Businesses are Economy's LifebloodFebruary 24, 2017
Small businesses are the lifeline of our economy. They are creating jobs, increasing productivity, and capitalizing on growth opportunities here and globally. Thanks to small businesses, our unemployment rate is at an 8-year low and, according to Bloomberg, we are the 5th most innovative state in the country.
Running a small business is hard work. We must continue to give entrepreneurs the tools and resources they need to succeed. That is why this year, we have introduced two bills that will help small businesses:
- HB 5583 - AN ACT EXPANDING INVESTMENT ELIGIBILITY UNDER THE ANGEL INVESTOR TAX CREDIT PROGRAM. This bill allows accredited investors who seek to consult and mentor prospective small business owners to contribute to a fund established to support the growth of small businesses.
- HB 5584 - AN ACT CONCERNING THE CREATION OF A SMALL BUSINESS HOTLINE.
This bill creates a statewide information hotline providing prospective and existing small business owners with customized advice, education, and network resources.
In order to help small businesses thrive, we introduced the following programs last year:
- The Entrepreneur Learner’s Permit program - Provides up to $1,500 in reimbursements for first-time entrepreneurs in IT, biotechnology, and green technology.
- Small Business Express program - If your business has operations in or plans to relocate to Connecticut and employs less than 100 workers, you may be eligible for $10,000 to $300,000 in loans and matching grants to purchase machinery and equipment, start construction, get training or cover other business-related expenses.
- CTNEXT Growth Company -Grants of up to $25,000 are available for promising start-ups to pursue projects in a variety of areas. Visit http://ctnext.com/growth-company-grants for eligibility details.
We are proud of the work the legislature has done in support of small businesses and look forward to continuing that work in the years ahead.