State Rep. Len Greene, R- Seymour, along with the Department of Economic and Community Development (DECD) will host a small business workshop Wednesday (Feb. 1) in Seymour.
They will be providing information and explaining new programs put in place to help Connecticut businesses.
This event, similar to the DECD’s Reinventing CT Information Sessions, will be held at the Seymour Town Hall from 8:30 a.m. until 10 a.m.
“This forum will be a good resource for the small businesses in the 105th district and the Naugatuck Valley,” Greene said. “I look forward to sharing important information on the programs and benefits, like manufacturing credits, loans, job creation incentives and business grants that are included in the jobs package. These incentives will go a long way toward helping businesses across the valley and our region.”
Some of the provisions of the jobs package are:
Small Business Assistance Programs
Small Business Express Package
- Revolving Loan Fund provides loans to small businesses for the purchase of machinery and equipment, construction, relocation expenses, working capital and other business-related expenses. Amounts can range from $10,000 to $100,000 for each company.
- Job Creation Incentive Program (Loan Forgiveness) provides loans for job creation to small businesses which may be used for training, marketing, working capital or other businesses expenses. Amounts can range from $10,000 to $250,000 for each company. Loans may be forgiven depending on the company’s ability to create and maintain the new jobs.
- Job Creation Matching Grant Program (Loan Forgiveness) requires businesses to provide matching grants to any state funds awarded under this program. Funds may be used for ongoing or new training, working capital, purchase of machinery and equipment, construction, relocation within state or other business related expenses.
Amounts can range from $10,000 to $100,000 for each company. Loans may be completely or partially forgiven depending on the company’s ability to create and maintain the new jobs.
Eligibility: A business with fifty full-time employees or less; CT based business with operations in CT; Business registered to do business in CT for at least 12 months; Business must be in good standing with payment of all state and local taxes
Contact: Department of Economic and Community Development: Michelle Lugo (860) 270‑8052 Michelle.lugo@ct.gov
STEP Program – to assist small businesses and small manufacturers to pay a portion of an eligible employee’s wages during the first 6 months of employment.
General Small Business STEP Program
Grant Amounts: 100% of employees’ wages in the first month (up to $20 an hour); 75% of employees’ wages in the second and third month; 50% of employees’ wages in the fourth and fifth month; 25% of employees’ wages in the sixth month
Business Eligibility: A business with fifty full-time employees or less; Connecticut based business with operations in Connecticut; Business registered to do business in Connecticut for at least 12 months; Business must be in good standing with payment of all state and local taxes; Retail businesses are not eligible
Employee Eligibility: A person currently receiving unemployment benefits; A person living in a municipality with high unemployment (above state average); A person with a family income less then 250% of federal poverty level
Small Manufacturer STEP Program
Grant Amounts: Month one- $2,500; Month two- $2,400; Month three- $2,200; Month four- $2,000; Month five- $1,800; Month six- $1,600
Eligibility: A business with fifty full-time employees or less; Connecticut based business with operations in Connecticut; Business registered to do business in Connecticut for at least 12 months; Business must be in good standing with payment of all state and local taxes
Contact: Department of Labor, (860) 263‑6000
Manufacturing Reinvestment Accounts (MRA) allows manufacturers with 50 or fewer employees to deposit 100% of their revenue up to $100,000 for up to five years in an interest-bearing MRA. The company may withdraw money from this account for training, developing, expanding their workforce or purchasing machinery, equipment or facilities. Corporation taxes on MRA funds are deferred until the company withdraws them for eligible purposes and the tax rate on the money withdrawn is 3.5% rather than the regular 7.5%.
Eligibility: Up to 100 small manufacturers to be determined by DECD
Contact: Department of Economic and Community Development, (860) 270‑8000
Job Expansion Credit provides tax credits for eligible companies against the insurance premium, corporation business, utility company or personal income tax for businesses that create new jobs and hire certain Connecticut residents to fill them. (Effective January 1, 2012)
Tax Credit Amounts: $500 per new employee; $900 per new employee if the person is receiving unemployment compensation benefits, veteran or person with disabilities
Eligibility: 50 or fewer employees qualify if they create at least one new job; Companies with 51 – 100 employees qualify if they create at least 5 jobs; Companies with over 100 employees qualify if they create at least 10 jobs; Connecticut based business with operations in Connecticut; Business registered to do business in Connecticut for at least 12 months; Business must be in good standing with payment of all state and local taxes
Contact: Department of Economic and Community Development, (860) 270‑8000
Main Street Investment Fund makes grants available to any private owner of commercial property who makes eligible expenditures for certain municipal redevelopment initiatives. The expenditures must be part of a plan previously adopted by a municipality’s governing body. (Effective Immediately)
Reimbursement Grant Rates: 50% for up to $50,000 and 25% for additional expenditures exceeding $50,000 but not more than $150,000
Eligible Projects: The improvements or renovations must contribute to the municipality’s economic success and part of the municipality’s overall development plan i.e. architectural features, exterior painting or surface treatment, etc.
