Crisco hails Senate OK for small business funding

State Sen. Joseph J. Crisco, Jr., D-Woodbridge, vice-chair of the legislature’s Commerce Committee,  voted Wednesday with a majority of his senate colleagues to approve additional support for the state’s Small Business Express Program.  
Crisco said this important economic development initiative has had proven, positive results and has earned supplemental funding.

The Small Business Express Program, created in 2011, provides matching grants and deferrable or forgivable loans under a streamlined application process to eligible Connecticut-based businesses with fewer than 100 employees. 

Grant and loan amounts range from $10,000 to $300,000; recipients can use the funds for machinery and equipment, to construct facilities or improve them, cover moving expenses, or meet working capital needs.

“Connecticut’s small businesses have always been an integral part of our state’s economic engine so it’s important to support the innovation and job creation that occurs in small businesses with this supplemental funding,” Crisco said. “The bill we approved today re-authorizes bonding originally meant for another program to this one, increasing the pool of available funding for small businesses by 60 percent.”

More specifically, the bill moves bonding previously authorized for Connecticut’s Manufacturing Assistance Act program, which provides financing to small and large businesses, nonprofit corporations, municipalities and regional planning organizations for a range of projects, and transfers it to the Small Business Express Program.

“With limited state funds available we have to be creative and nimble to invest wisely where we can realize the greatest return – this particular example of economic development funding has shown itself to be a terrific stimulant for participating small businesses,” Crisco said. “I am pleased by today’s bipartisan support for what amounts to a transfer of state resources because this type of collaboration will perpetuate rebound and recovery in our state’s economy.”

As of Jan. 25, 2013, the Small Business Express Program had distributed $29.2 million to Connecticut companies to create or retain 7,011 jobs in the state, including jobs in manufacturing and retail, the financial services sector, the hospitality and tourism industry, and in construction and healthcare companies.

This information is taken from a press release from Crisco's office.