PA 13-56—SB 1004

Commerce Committee

AN ACT ENCOURAGING THE EXPORTATION OF STATE PRODUCTS AND SERVICES THROUGH THE SMALL BUSINESS EXPRESS PROGRAM

SUMMARY: This act allows, rather than requires, the Department of Economic and Community Development (DECD) commissioner, when approving applications for Small Business Express Program loans and grants, to give priority to economic base industries in the fields of precision manufacturing, business services, green and sustainable technology, and bioscience and information technology. It additionally allows her to give priority to businesses seeking to export their products or services to foreign markets. By law, unchanged by the act, the commissioner must give priority to applications from small businesses creating jobs.

EFFECTIVE DATE: October 1, 2013

BACKGROUND

Small Business Express Program

The Small Business Express Program encourages job creation and growth by providing loans and grants to state-based small businesses.

Economic Base Industries

Economic base industries are those the commissioner determines will materially contribute to the state's economy by (1) creating or retaining jobs; (2) exporting, encouraging innovation in, or adding value to products or services; or (3) otherwise supporting or enhancing existing activities important to the state economy (CGS 32-222 (d)).

OLR Tracking: PF: JR: TA: RO