Commerce Committee
JOINT FAVORABLE REPORT
Bill No.: HB-6467
Title: AN ACT CONCERNING THE SMALL BUSINESS EXPRESS PROGRAM.
Vote Date: 3/22/2021
Vote Action: Joint Favorable Substitute
PH Date: 2/23/2021
File No.: 303
Disclaimer: The following JOINT FAVORABLE Report is prepared for the benefit of the
members of the General Assembly, solely for purposes of information, summarization and
explanation and does not represent the intent of the General Assembly or either chamber
thereof for any purpose.
SPONSORS OF BILL:
Commerce Committee
REASONS FOR BILL:
HB 6467 implements extensions to the Small Business Express program (EXP) to support
small businesses, distressed municipalities, and opportunity zones in Connecticut.
RESPONSE FROM ADMINISTRATION/AGENCY:
David Lehman, Commissioner of the Department of Economic and Community Development
(DECD), wants to extend the Small Business Express program. Significant impacts from this
new program will include utilizing private-sector expertise, developing new partnerships with
the private sector, lowering costs to support the EXP program, increasing leverage, targeting
investment toward market gaps, and maintaining flexibility for times of crisis. His overall
objective is to collaborate with the CT lending community to stimulate greater capital access
for businesses to grow with emphasis on minority, women, veteran, and disabled-owned
businesses.
NATURE AND SOURCES OF SUPPORT:
Nancy Cowser, Executive Director of the Southeastern Connecticut Enterprise Region,
supports the extension of the Small Business Express program. After receiving funding from
this program, numerous businesses in her district were able to create additional jobs, acquire
assets, and expand business operations. The extensions to this program are needed today
for economic recovery from the pandemic.
The Connecticut Bankers Association wants to partner with the Department of Economic
and Community Development and Connecticut Innovations to support the Small Business
Express Program. Connecticuts banks contain 1,000 branches and can reach a large
number of small businesses that are interested in receiving financing from this program. The
program would allow DECD to utilize future funding to create a smaller reliance on general
fund appropriations. It would also add credit enhancements that would permit banks to lend
to smaller businesses in a regulatorily compliant manner. The Connecticut Bankers
Association hopes DECD increases its partnership with Connecticut banks and use this effort
to increase financing for businesses across the state with emphasis on small and minority-
owned businesses.
Peter Denious, President and CEO of AdvanceCT, supports the extension of the Small
Business Express program. He notes that small business credit is now more widely available,
and credit decisions are primarily made by the private sector. The Small Business Express
program would enable the state to work with financial institutions in order to provide more
capital to disadvantaged business owners.
Ashley Zane, Government Affairs Associate for the Connecticut Business and Industry
Association (CBIA), supports the extension of the Small Business Express program. She
asserts that partnering with the private sector and community banks expands lending
capacity and acquires capital for higher risk businesses. CBIA supports the increase in the
maximum loan amount for the minority business revolving loan fund by $150,000 regarding
the impact on these businesses from the pandemic. She also notes that these businesses
have struggled to acquire capital before the pandemic. CBIA hopes DECD closely monitors
this program so business and community needs are met, particularly small manufacturers
who heavily relied on the Manufacturing Assistance Act, Small Business Express, and
Manufacturing Innovation Fund.
NATURE AND SOURCES OF OPPOSITION:
None Expressed.
Reported by: Jade Hardrick, Intern Date: 4/2/21
Page 2 of 2 HB-6467


Statutes affected:
Raised Bill: 32-7g, 32-7h
CE Joint Favorable Substitute: 32-7g
File No. 303: 32-7g
FIN Joint Favorable: 32-7g