Governor's Bill No. 5007 Summary

• Repeals and replaces Section 32-7g to reorganize the Small Business Express program, eliminating the job creation incentive and matching grant components while maintaining a revolving loan fund, minority business revolving loan funds, and a bank collaboration component.

• Increases the maximum loan amount for minority business revolving loan funds from $100,000 to $250,000, while maintaining a 4% maximum interest rate and 10-year term.

• Adds a new component established in consultation with Connecticut Innovations, Incorporated, to provide financial assistance for capital access and other purposes consistent with existing innovation programs.

• Changes reporting requirements from every six months to annually, requiring the Commissioner to report on small businesses receiving assistance, types of assistance, jobs created or retained, and employment figures.

• Modifies Section 32-265(b) regarding the Connecticut Capital Access Fund to allow loan loss reserve accounts to be established at either the participating financial institution or a third-party financial institution approved by Connecticut Innovations, Incorporated.

• Effective date: October 1, 2020.