CT SB00003

Commissioner of Economic and Community Development must issue a request for proposals by January 1, 2015 to establish an employee ownership program administered by a nonprofit organization, with a grant not to exceed $500,000.

Program shall provide education and outreach on employee stock ownership plans, technical assistance for business transitions to employee ownership, training on employee participation methods, and partnerships with University of Connecticut and state universities for educational events.

Commissioner must evaluate proposals by April 1, 2015 and may approve one proposal, with preference given to programs offering feasibility assessments, legal and financial resource databases, or self-sustaining fee structures.

Commissioner shall report to the joint standing committee on commerce by October 1, 2016 on the request for proposal and established program.

Allocates up to $500,000 from bond proceeds for the employee ownership program within the Department of Economic and Community Development's budget authority.