Substitute Bill No. 6767 proposes the establishment of a Disabled Veterans Revolving Loan Fund within the Small Business Express program, specifically targeting small businesses that are at least 51% owned by disabled veterans with a disability rating of 30% or higher from the U.S. Department of Veterans Affairs. The bill repeals Section 32-7g and introduces new provisions that allocate $2 million annually from the Small Business Express program for this fund from fiscal years 2026 to 2030. The legislation also maintains existing components of the Small Business Express program, including support for minority-owned businesses, while implementing new definitions and funding allocations for the disabled veteran business fund.

The bill allows for loans ranging from $10,000 to $500,000, with a maximum repayment rate of 4% over a term of up to ten years, and prioritizes applicants who create new jobs for at least twelve consecutive months. It also enables collaboration between the commissioner and Connecticut-based banks to provide financial assistance through loan guarantees and short-term loans. Additionally, a "small business express assistance account" will be established within the General Fund to manage resources, and the bill mandates annual reporting on the program's effectiveness. The provisions will take effect on July 1, 2025, and aim to enhance support for small businesses and disabled veteran-owned enterprises while ensuring the program becomes self-funded by July 1, 2026.

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