Milford's lawmaker Slossberg supports Connecticut small buisness grant

HARTFORD, CT – Noting the overwhelmingly support for the program from business owners, State Senator Gayle Slossberg (D-Milford) today voted with the Senate in passing a bill that will make funds available to support Connecticut small businesses through the Small Business Express (EXP) program.

Senate Bill 801, “AN ACT MAKING MANUFACTURING ASSISTANCE ACT FUNDS AVAILABLE FOR THE SMALL BUSINESS EXPRESS PROGRAM,” allows state funds that had already been made available for manufacturing and related development to be re-directed to EXP.

“This program has empowered our region’s businesses with the capacity to grow their operations and create new jobs,” said Sen. Slossberg. “Small businesses are the backbone of our state, and this program is helping them turn around our economy.”

The bill authorizes an additional $60 million in general obligation bonds for EXP, increasing its total bond authorization from $100 million to $160 million. It does this by taking portions of the bonds that had been previously authorized for different purposes under Connecticut’s Manufacturing Assistance Act program (MAA) and giving them to EXP.

Created in 2011, EXP provides matching grants and deferrable or forgivable loans under a streamlined application process to Connecticut-based businesses with fewer than 100 employees and that meet other criteria. Grant and loan amounts range from $10,000 to $300,000, and eligible businesses can use the funds to acquire machinery and equipment, construct facilities or make leasehold improvements, cover moving expenses, or meet working capital needs

As of January 25, EXP had distributed $29.2 million to Connecticut companies to create or retain 7,011 jobs in the state, including jobs in manufacturing, retail, financial services, hospitality and tourism, construction and healthcare. Fifteen businesses in Milford, Orange, and West Haven have created 39 new jobs and retained more than 155 since participating in EXP.

Information was submitted by Slossberg's press office in a press release. 

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