Substitute Bill No. 6767 proposes the creation of a Disabled Veterans Revolving Loan Fund within the Small Business Express program, aimed at providing financial assistance to eligible disabled veteran-owned businesses. These businesses must have over 50% ownership by individuals with a disability rating of at least 30% from the U.S. Department of Veterans Affairs. The bill allocates $2 million annually from June 30, 2026, to June 30, 2030, for the fund, which will support loans ranging from $10,000 to $500,000 at a maximum interest rate of 4% over ten years. The loans can be utilized for various business expenses, and priority will be given to businesses that commit to maintaining new jobs for at least twelve months.

In addition to establishing the new fund, the bill modifies existing language in Section 32-7g of the general statutes by repealing subsection (e) and replacing it with new subsections that incorporate the disabled veteran business fund into the Small Business Express program. The bill also introduces a minority business revolving loan fund and allows the commissioner to collaborate with local banks and Connecticut Innovations, Incorporated, to provide diverse financial assistance options. Furthermore, it mandates annual reporting to the General Assembly on the program's effectiveness and establishes a "small business express assistance account" within the General Fund to manage financial resources, ensuring that repayments and interest contribute to the fund's sustainability. The act is set to take effect on July 1, 2025.

Statutes affected:
Committee Bill: 32-7g, 32-7h
VA Joint Favorable Substitute Change of Reference: 32-7g, 32-7h