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