CT HB05045

Reduces the business registration requirement from 12 months to 6 months for small businesses to qualify for the Small Business Express program.

Removes the June 15, 2012 eligibility date and the 50-percent working days requirement, simplifying the definition of eligible small businesses with 100 or fewer employees.

Adds a requirement that small businesses seeking loans under the revolving loan fund or job creation incentive component must demonstrate denial of similar loans from private sector lenders.

Establishes a new fourth component of the Small Business Express program: a fund developed with private sector lenders to encourage lending and provide small businesses access to capital, with up to 10 percent of available program funding allocated to this fund.

Requires the Commissioner of Economic and Community Development to report by October 1, 2016 on the new private lender collaboration fund, including details on lender consultations and potential collaboration models such as leveraged funds, loan guarantees, and bridge loans.