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Sunday, March 17, 2013

$60 Million Increase in Connecticut's Small Business Express Program Good News for Small Businesses

Connecticut Department of Economic and Community DevelopmentThe Small Business Express program was created in 2011 to help small businesses in Connecticut thrive and grow. Small businesses with fewer than 100 employees are able to receive help from this program in the form of grants and forgivable loans. With the recent passage of Senate Bill 801, the budget for this program increased from $100 million to $160 million--great news for local small businesses.

The increase was the result of Senate Bill 801 that allowed the state of Connecticut to transfer funds from the Manufacturing Assistance Act program to the Express program. This means more money is available to support small business. The reason for the transfer of funds was to provide further assistance in sustaining Connecticut’s small companies.

Small business owners must be in business for at least a year and have 100 employees or less in order to apply for grants and forgivable loans. The grants can be anywhere from $10,000 to $300,000 and can be used for equipment and machinery, building new or improving existing facilities, or providing needed working capital.

The Express program is administered by Connecticut's Department of Economic and Community Development. Since it began, it has been extremely successful in helping small businesses and creating more jobs. The increase in funding is expected to extend opportunities for even more small businesses, resulting in greater economic growth for Connecticut.

For more information, visit www.ct.gov/ecd/cwp/view.asp?a=3931&q=489792
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