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SMALL BUSINESS NEWS

23 March 2012

 

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Connecticut Small Business Express Program

If your small business is located in the state of Connecticut you have another tool that you can take advantage of to grow your business.  The state of Connecticut has created “The Small Business Express Program” to help small businesses.

The Small Business Express program consists of three key parts:

 

(1) A REVOLVING LOAN FUND ($10,000 - $100,000 - maximum repayment rate is 4% -   The maximum repayment term of 5 years): this provides loans to eligible small businesses.  Such loans shall be used for acquisition of machinery and equipment, construction or leasehold improvements, relocation expenses, working capital or other business-related expenses, as authorized by the commissioner.  Priority for this type of loan will go to applicants that, as part of their business plan, are creating new jobs that will be maintained for not less than twelve consecutive months.

(2) JOB CREATION INCENTIVE ($10,000 - $250,000 – repayment may be deferred or forgiven):  This loan is for helping small businesses create jobs.  Small businesses must create jobs that last for 12 months or more.   . Payments on such loans may be deferred, and all or part of such loan may be forgiven, based upon the commissioner's assessment of the small business's attainment of job creation goals.  Such loans may be used for training, marketing, working capital or other expenses, as approved by the commissioner that support job creation.

(3) MATCHING GRANT ($10,000 - $100,000 – no repayment):  Under this program small businesses have to match any amount granted by the state.  Applicants will be awarded this grant based on the likelihood that such grants will assist them in maintaining job growth.  Grant funds may be used for ongoing or new training, working capital, acquisition of machinery and equipment, construction or leasehold improvements, relocation within the state or other business-related expenses authorized by the commissioner. 

The Commissioner of Economic and Community Development is in charge of running the program.  They are required to approve and issue funding or disapprove applications within 30 days.

Priority for this funding goes to (1) small businesses creating jobs, and (2) economic base industries, including, but not limited to, those in the fields of precision manufacturing, business services, green and sustainable technology, bioscience and information technology.

To be eligible a small business must have no more than 50 employees; be a Connecticut registered business with operations in Connecticut; be in business for at least 1 year and if received funding under this program cannot move or relocate the business outside of the state for at least 5 years after receiving such assistance; and be in good standing with the payment of all state and local taxes and with all state agencies.

 

To access the program visit the Connecticut Small Business Express Program website.

Sources:   

http://www.cga.ct.gov/2011/ACT/PA/2011PA-00001-R00HB-06801SS2-PA.htm


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