Both houses of the Connecticut General assembly passed unanimously Monday an expansion of the Small Business Express Program (EXP).
Sen. Carlo Leone announced Monday the program had been responsible for the creation or retention of 7,011 jobs across Connecticut, 312 across 25 companies in Stamford alone, through $29.2 million in funding. Most recently, Gov. Dannel P. Malloy stopped in Stamford to check in on .
"Job creation remains an essential priority as a slow economic recovery from the worldwide recession continues," Leone said. "The Small Business Express Program has a proven track record on job creation, having created or retained more than 300 jobs in our local area and over 7,000 jobs statewide. That is a success worth building on, and I am proud to support this extension of the program."
According to Leone, EXP provides grants and loans, some of which are deferrable or forgivable, under a streamlined application process to CT-based businesses with fewer than 100 employees and that meet other criteria. Amounts range from $10,000 to $300,000; 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.
The extension includes $60 million in general obligation bonds for EXP, increasing its total bond authorization by 60 percent, from $100 million to $160 million.