Carpino Lauds Bill Giving Support to CT Small Business

HARTFORD, CT – State Rep. Christie Carpino today praised House passage of a bill that will make funds available to support small businesses in Connecticut.

Senate Bill 801, An Act Making Manufacturing Assistance Act Funds Available for the Small Business Express Program, allows state funds that had already been made available for manufacturing and related development to be re-directed to Connecticut’s new Small Business Express (EXP) program.

“This bill will make more funds available for businesses in Cromwell and Portland, said Rep. Carpino. “Businesses in my district have already participated in the Small Business Express Program, which has enabled them to create new jobs and retain those employees already in their hire. We will now be able to extend this growth opportunity to even more businesses in Cromwell and Portland.”

The bill authorizes an additional $60 million in general obligation bonds for EXP, increasing its total bond authorization from $100 million to $160 million. Rep. Carpino voted for the initial $100 million small business program in 2011. It does this by taking portions of the bonds that had been previously authorized for different purposes under Connecticut’s Manufacturing Assistance Act program (MAA) and giving them to EXP.

Created in 2011, Small Business Express provides matching grants and deferrable or forgivable loans under a streamlined application process to Connecticut-based businesses with fewer than 100 employees and that meet other criteria. Grant and loan amounts range from $10,000 to $300,000, and eligible businesses can use the funds to acquire machinery and equipment, construct facilities or make leasehold improvements, cover moving expenses, or meet working capital needs.

As of January 25, EXP had distributed $29.2 million to Connecticut companies to create or retain 7,011 jobs in the state, including jobs in manufacturing, retail, financial services, hospitality and tourism, construction and healthcare.