Celebrating Small Business Development Centers

March 18, 2022

Wednesday, March 16, was Small Business Development Center Day. Small Business Development Center Day celebrates the positive impact that the development centers have had on small and local businesses. Last year, the 28 Connecticut-based centers helped launch 184 businesses.

Small and local businesses are the backbone of our communities. These are the places where many of us have created lifelong memories. They are owned by people we love and respect -our neighbors, friends, and family.

 

Over the past two years, businesses of all sizes have experienced financial losses, but smaller ones were disproportionally impacted. As we start to turn a corner and return to normal, we need to ensure that these places have the resources and support necessary to thrive. During the 2021 session, my colleagues and I worked tirelessly to craft legislation that would benefit small businesses: 

  • Allowed certain businesses that serve meals, such as hotels, restaurants, and bars to keep 100% of the sales tax they collect on meal sales during a set time period (PA 21-2)
  • Updated the Small Business Express Program to allow for increased participation by private lenders (PA 21-1)
  • Created a Regional Economic Development Pilot Program through the Department of Economic and Community Development (DECD) that will provide matching grants to regional economic development corporations implementing economic development programs (PA 21-77)
  • Authorized up to $875 million in bonds for a five-year bonding program to fund qualifying projects and grants in eligible municipalities that are designated as public investment communities or alliance districts (PA-21-2) 

Click here to read a complete list of all of the business related bills that were passed in 2021.
 
We hope to build on the progress made last year and continue to push for further reform during this session.
 
If you are a small business owner and are looking for assistance, please check out the CT SBDC website for more information. They have a plethora of resources, including webinars, tips for expanding your customer base, and more!