Commerce ‘Doubles Down’ on Success of Small Business Express

Having already helped nearly 500 small businesses in Connecticut, the state’s Small Business Express program is now getting some help of its own—from the legislature’s Commerce Committee.

This week, the committee held a public hearing on SB 801, which would allow funding fromthe state’s Manufacturer’s Assistance Account that’s specifically allocated for small business development to be used for the Small Business Express program. 

The Small Business Express has been one of the Department of Economic and Community Development’s (DECD’s) top economic development tools. 

Since it was rolled out in 2011, the Small Business Express program has provided financial assistance in the form of grants and loans to hundreds of Connecticut’s small businesses.

The assistance may be used for the purchase of equipment, machinery or business expenses, as well as job creation financial incentives.   

Not only has the program helped small businesses overcome the financial and economic obstacles thrown at them by the recent recessionary economy, it has enabled them to retain more than 5,000 jobs and create 2,000 new ones.

What’s more, despite all the businesses helped so far, there’s an extensive list of additional businesses hoping to receive much needed financial assistance from this program.   

Make a good program even better

Beyond the new source of funding as proposed in SB 801, CBIA recommends the Commerce Committee make an additional change to the program. 

In order to help promote Connecticut products and services abroad, preference for Small Business Express funding should be given to businesses attempting to enter new foreign markets for their goods and services. 

The process of entering new markets is both time-consuming and expensive. However, with this kind of preference, the Commerce Committee would give a helping hand to both the Governor and small businesses in showing the world that Connecticut is open for business. 

For more information, contact CBIA’s Eric Gjede at 860.244.1931 or eric.gjede@cbia.com.