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CT HB06827
Bill
Status
Introduced
2/19/2015
Primary Sponsor
Brendan Sharkey
Click for details
AI Summary
- Relaxes eligibility requirements for the Small Business Express program by removing the 12-month business registration requirement and the requirement that businesses employ their workforce on at least 50% of working days in the preceding 12 months
- Lowers the minimum loan and grant amounts from $10,000 to $1,000 across the revolving loan fund (up to $100,000), job creation incentive component (up to $300,000), and matching grant component (up to $100,000)
- Authorizes the Commissioner of Economic and Community Development to establish a new loan fund in collaboration with private sector lenders, with up to 10% of Small Business Express program funding allocated to it
- Requires the commissioner, in consultation with community leaders, to identify populations underserved by the program in municipalities with populations exceeding 70,000 and permits giving those business owners priority for available funding
- Effective July 1, 2015, amending Section 32-7g of the Connecticut General Statutes
Legislative Description
An Act Concerning The Small Business Express Program And Underserved Communities.
Last Action
Bill Passed Temporarily
4/22/2015
Committee Referrals
Commerce2/19/2015
Full Bill Text
No bill text available