CT SB00461

Establishes the Small Business Express program within the Department of Economic and Community Development to provide streamlined financial assistance to small businesses with 100 or fewer employees that have operated in Connecticut for at least 12 months.

Creates four components: a revolving loan fund ($10,000-$100,000 at 4% maximum interest, 10-year terms), a job creation incentive component ($10,000-$300,000 with potential loan forgiveness), a matching grant component ($10,000-$100,000), and not more than two minority business revolving loan funds.

Allocates $5 million annually in grants-in-aid to minority business development entities for fiscal years 2016-2020 to establish and administer minority business revolving loan funds for businesses owned by minorities, including Black Americans, Hispanic Americans, women, Asian Pacific Americans, and American Indians.

Requires minority business development entities to submit annual financial audits and ensure that within five years, investment income and loan repayments generate sufficient revenue to cover administrative costs.

Requires the Commissioner to report every six months to relevant legislative committees on program data including number of applicants, businesses assisted, amounts awarded, and job creation or retention results.