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Connecticut
Small Business Express Program |
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 If your
small business is located in the state of Connecticut you
have another tool that you can take advantage of to grow
your business. The state of Connecticut has created “The
Small Business Express Program” to help small businesses.
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The
Small Business Express program consists of three key parts:
(1) A
REVOLVING LOAN FUND ($10,000 - $100,000 - maximum
repayment rate is 4% - The maximum repayment term of 5
years): this provides loans to eligible small
businesses. Such loans shall be used for acquisition of
machinery and equipment, construction or leasehold
improvements, relocation expenses, working capital or other
business-related expenses, as authorized by the
commissioner. Priority for this type of loan will go to
applicants that, as part of their business plan, are
creating new jobs that will be maintained for not less than
twelve consecutive months. |
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(2)
JOB CREATION INCENTIVE ($10,000 - $250,000 – repayment
may be deferred or forgiven): This loan is for
helping small businesses create jobs. Small businesses must
create jobs that last for 12 months or more. . Payments on
such loans may be deferred, and all or part of such loan may
be forgiven, based upon the commissioner's assessment of the
small business's attainment of job creation goals. Such
loans may be used for training, marketing, working capital
or other expenses, as approved by the commissioner that
support job creation.
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(3)
MATCHING GRANT ($10,000 - $100,000 – no repayment):
Under this program small businesses have to match any amount
granted by the state. Applicants will be awarded this grant
based on the likelihood that such grants will assist them in
maintaining job growth. Grant funds may be used for
ongoing or new training, working capital, acquisition of
machinery and equipment, construction or leasehold
improvements, relocation within the state or other
business-related expenses authorized by the commissioner.
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The
Commissioner of Economic and Community Development is in
charge of running the program. They are required to approve
and issue funding or disapprove applications within 30 days. |
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Priority for
this funding goes to (1) small businesses creating jobs, and
(2) economic base industries, including, but not limited to,
those in the fields of precision manufacturing, business
services, green and sustainable technology, bioscience and
information technology. |
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To be
eligible a small business must have no more than 50
employees; be a Connecticut registered business with
operations in Connecticut; be in business for at least 1
year and if received funding under this program cannot move
or relocate the business outside of the state for at least 5
years after receiving such assistance; and be in good
standing with the payment of all state and local taxes and
with all state agencies.
To access the program visit the
Connecticut Small Business Express Program website. |
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Sources:
http://www.cga.ct.gov/2011/ACT/PA/2011PA-00001-R00HB-06801SS2-PA.htm
By
Jack River
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