Substitute Senate Bill No. 307 establishes the Connecticut Small Business Boost program, replacing the previous Connecticut Small Business Express program. This new initiative aims to provide financial assistance to small businesses with fewer than one hundred employees that are in good standing with state and local taxes. The program is designed to be self-funded by July 1, 2028, and limits the default rate of businesses receiving assistance to no more than twenty percent. Key components of the program include a revolving loan fund and a Connecticut opportunity fund targeting small businesses in historically underserved communities. The bill also prioritizes applications from disabled veteran-owned businesses and outlines specific eligibility criteria for the Connecticut opportunity fund, focusing on applicants from concentrated poverty areas and first-time business owners.

Additionally, the bill modifies existing laws to enhance support for small businesses, including increasing the cap on financial assistance from ten million dollars to twenty-five million dollars over two years, and establishing a new advisory board to improve access to capital and state contracts for first-generation and emerging businesses. It also introduces a Connecticut Clean Economy Council to advise on strategies for clean energy and climate resilience, and mandates the collection of data on loan recipients to ensure accountability. The bill includes various amendments to streamline processes, enhance reporting requirements, and promote equitable growth, ultimately aiming to bolster the economic landscape for small businesses in Connecticut.

Statutes affected:
Raised Bill: 32-1u, 32-726, 32-761, 32-7n, 10-397c, 32-9n, 32-352, 32-355, 32-357, 32-7q, 32-7s, 32-7x, 32-4e
CE Joint Favorable Substitute: 32-1u, 32-726, 32-761, 32-7n, 10-397c, 32-357
File No. 561: 32-1u, 32-726, 32-761, 32-7n, 10-397c, 32-357
Public Act No. 26-122: 32-7q, 32-462, 31-51r, 32-1u, 32-726, 32-761, 32-7n, 10-397c, 32-357, 32-4m