Legislation that can improve the small business climate in Connecticut is on its way to the governor’s desk for his signature after unanimous approval in both the Senate and the House.
SB 303 takes a step in the right direction to encourage and assist new and developing companies in their infancy, which usually is the most expensive and riskiest time in a business lifecycle.
The new law will establish a two-year pilot program under Connecticut Innovations to develop and implement an Entrepreneur Learner’s Permit program to help those seeking to form a new business in the state.
This innovative, two-year program is geared specifically to help grow the information services, biotechnology, and green technology industries.
Connecticut Innovations will reimburse these new learner’s permit holders for any state or municipal filing, permitting, or licensing fees associated with new business formation.
The program directly addresses the needs of entrepreneurs and the economic returns to Connecticut greatly exceed the limited associated costs.
CI will then review the applications, giving priority to female and minority applicants, and only first-time business owner will be considered.
At the end of the two-year program, CI will evaluate its effectiveness and make a recommendation to the legislature on its future.
This program should help achieve two important goals.
It will directly address the many special needs of the entrepreneurial community, and it will be implemented in a way that the economic returns to Connecticut greatly exceed the limited cost associated with its implementation.
It’s a pro-small business, solid stepping stone toward paving the way for Connecticut to become a much more business friendly state.