Governor M. Jodi Rell on Tuesday announced that $21.5 million to establish a number of job creation and training initiatives, including $15 million for small business loans, is expected to be approved when the state Bond Commission meets August 11.
The funding is to support critical elements of Governor Rell’s landmark jobs bill that grew out of a bipartisan working group she established on the first day of the recent regular legislative session. The legislation offers incentives for employers, supports small business and emerging industries, provides resources for tuition and training, helps manufacturers find efficiencies and includes accountability measures to safeguard state taxpayer dollars.
“My focus from the start of this legislative session has been on bringing jobs back to Connecticut and helping our families – buffeted badly by the national recession – get back on their feet,” Governor Rell said. “There is great opportunity in this great state and my jobs bill helps bring all the elements together. This bipartisan legislation is our blueprint for a strong recovery and sustained prosperity.
“This $21.5 million I am recommending underscores our commitment to job creation, jump-starting our economy and small businesses, the prime driver of jobs in Connecticut,” Governor Rell said.
The funding will be used for:
· $15 million for the Connecticut Credit Consortium, a small business loan program, will provide up to $500,000 in loans and lines of credit to businesses and nonprofits employing fewer than 50 people. It provides employers with access to financing for construction, working capital and other costs to help them retain and create jobs. The program is administered through the state Department of Economic and Community Development (DECD) which is now accepting applications. For more information on the Connecticut Credit Consortium go to: www.decd.org
· $5 million for the Pre-seed Financing Program, administered by Connecticut Innovations (CI), eligible recipients can loans of up to $150,000 to develop new concepts and technologies. The companies must provide at least 50 percent of private investment dollars for each dollar of public financing. For more information on the Pre-Seed Financing Program go to www.ctinnovations.com and click on Funding Opportunities.
· $1 million to help Connecticut Community-Technical College officials develop short-term retraining and education programs for unemployed individuals through a Community-Technical College Advisory Board. The board will assess training needs and expand access to programs that offer job skills and workforce credits For more information on Connecticut Community-Technical colleges go to the Connecticut Department of Higher Education: www.ctdhe.org
· $500,000 for a pilot program that will help manufacturers become more energy efficient through a Lean Green Manufacturing Initiative. Manufacturers that employ up to 250 people are eligible for assistance under the Lean Green program. Administered through the state Department of Economic and Community Development (DECD), the program helps employers convert their operations into energy-efficient plants by using proven lean manufacturing strategies, which focus on eliminating waste and improving productivity. The program is administered through the state Department of Economic and Community Development (DECD). For more information go to: www.decd.org
“These resources will help businesses become more productive, create jobs and thrive,” the Governor said.
