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CONNECTICUT’S SMALL BUSINESS EXPRESS PROGRAM CAN PROVIDE MATCHING GRANTS FOR SOME BUSINESSES

CONNECTICUT’S SMALL BUSINESS EXPRESS PROGRAM CAN PROVIDE MATCHING GRANTS FOR SOME BUSINESSES

Posted on December 16th, 2015

In order to encourage job creation, growth and retention in Connecticut, the Department of Economic and Community Development (DECD) has developed a program called the Small Business Express Program to provide grants and loans to small businesses which meet certain criteria.   The grant portion of the program has generated the most interest among our firm’s clients, and some have received grant funds to buy equipment.  The grants are matching, which means the small business must be able to provide a dollar for dollar match to the grant from DECD.  These grants vary from $10,000 to a maximum of $100,000.

To qualify for these grants, the small business must create new full time jobs within 12 months of receiving the grant. These new jobs need to be retained for a period not less than 24 months.  The DECD defines jobs as full time positions in which an employee receives a W-2.  The wages must be reported to the CT. Dept. of Labor on the employer’s Quarterly UC-2/UC-5.  Due to this requirement, often business owners do not qualify.

To be eligible for the Matching Grant Program, a business must employ no more than 100 employees and operate in Connecticut. The business must have been registered to conduct business for at least 12 months and be current on all state and local tax obligations.  Priority consideration is given for eligible applicants who are creating new jobs and whose business will materially contribute to the economy of the state by exporting products or services out of state or enhancing existing activities such as precision manufacturing, bioscience, information technology and green and sustainable technology.

The grant funds may be used for: working capital specifically for job growth; costs to relocate to CT; continuation of or new job training; purchase of machinery and equipment; construction or leasehold improvements.  It is important that businesses do not commit to any of the above before applying for the grant since this could result in rejection of the grant application.

The DECD has streamlined the application process to make it more user-friendly and has resources to assist applicants who are not familiar with any of the application requirements. Further information in addition to all application forms can be found on the DECD’s website:  http://www.ct.gov/ecd/lib/ecd/Small_Business_Express_slipsheet.pdf

Written by Eileen Garufi

Dear Clients, Business Associates and Friends,

As the coronavirus (COVID-19) continues to affect local communities and global economies, you may have concerns about your financial well-being as well as your business and employees. Or you may be wondering about how recently passed legislation impacts you and your enterprise.

BHCB is still at work, continuing to service the needs of our clients.

Whether you have tax or financial planning questions or need advice on ways to navigate the expanded benefits, we are here for you. If you have any questions or concerns, please do not hesitate to contact us at our respective offices. New Haven – 203-787-6527, Fairfield – 203-333-2228.

During this unpredictable and challenging time, it’s more important than ever to stay connected. We are in this together and our thoughts go out to all who have been impacted by this unprecedented situation.

Rest assured; we are here to help with your questions.

We have also assembled a list of resources to help individuals and businesses through this period.