The proposed bill, General Assembly Proposed Bill No. 6738, aims to establish a forgivable loan program specifically designed for individuals who start a business in the trades. The program will provide financial assistance in the form of loans that can be used for purchasing tools, equipment, and other related expenses necessary for establishing a trades business. To qualify for this program, individuals must meet two criteria: they must have graduated from a Connecticut high school or trade school, and they must operate their trades business continuously in Connecticut for a minimum of ten years.

The bill seeks to amend the general statutes to incorporate this new forgivable loan program, thereby encouraging more individuals to pursue entrepreneurship in the trades sector within the state. The intent is to foster economic growth and support the establishment of sustainable businesses that contribute to the local economy.