Small Business Express Program Bill Summary

• Establishes a Small Business Express program within the Department of Economic and Community Development providing loans, grants, and other financial assistance to businesses with no more than 100 employees through a streamlined 30-day application process.

• Creates six program components: a revolving loan fund ($10,000-$100,000 at 4% interest); a job creation incentive component ($10,000-$300,000 with optional loan forgiveness); a matching grant component ($10,000-$100,000); up to two minority business revolving loan funds ($10,000-$250,000); a banking partnership component; and a Connecticut Innovations collaboration component.

• Eligible businesses must have Connecticut operations, be registered for at least 12 months, employ at least 50% of working days at no more than 100 employees, and be in good standing with state and local taxes and agencies.

• Prioritizes funding for businesses creating jobs and may give priority to economic base industries, export-oriented businesses, and those in designated innovation places; prohibits assisted businesses from relocating for five years or the loan term, whichever is longer.

• Allocates $5 million to minority business development entities for revolving loan funds and allows up to 10% of program funding for the banking and Connecticut Innovations components; requires annual reporting to legislature on program participation and job creation metrics.