HARTFORD — State Senator Joseph Crisco, Jr. (D-17) welcomed final approval of supplemental funding for three components of the state’s economic recovery strategy.
On Wednesday, the state Bond Commission approved $40 million for the Small Business Express Program (EXP) and $10 million each for the Subsidized Employment and Training Program (STEP) and Connecticut Innovations. Crsico said, in a statement, the programs are essential ingredients for the state’s continuing economic revitalization.
“The state’s Small Business Express Program has been a valuable tool for qualifying companies with 100 employees or fewer that need an infusion of capital to launch a new product or increase inventories, and likewise, STEP has helped eligible employers with payroll and training subsidies to make hiring new employees less risky,” Crisco said. “Each of these economic development tools has earned and warrants the additional funding approved today.”
Crisco said he is particularly pleased with the approval of funding for Connecticut Innovations, a quasi-public entity that targets start-up companies and provides them with business strategies and financing.
“Just this week Connecticut Innovations announced plans to provide nearly $1 million to six start-up companies in New Haven County — businesses focused on cutting edge software, clean technology, e-commerce, and emerging life sciences,” Crisco said. “New businesses like these will help lead our state’s economy into the future — I’m pleased to know the bond commission agreed to replenish the capital made available through the Connecticut Innovations program.”