Connecticut House Bill HB05135

Connecticut 2012 Regular Session

• Introduced: 2/16/12
• Refer: 2/16/12

Caption

An Act Authorizing Bonds Of The State For A Bonding Guarantee Program For Minority Business Enterprises In Fairfield And New Haven Counties.

Impact

The implementation of this bill is expected to enhance the economic landscape for minority business owners by providing them with financial support necessary to initiate and complete significant projects. The bonding guarantee program intends to alleviate financial barriers that often hinder minority businesses from competing effectively in the marketplace. By enabling these enterprises to secure bonding, it paves the way for potential growth, job creation, and overall socio-economic benefits in the targeted counties.

Summary

House Bill 05135 is designed to empower the State Bond Commission to issue bonds aimed at supporting a bonding guarantee program specifically for minority business enterprises based in Fairfield and New Haven Counties, Connecticut. The bill proposes a principal amount that does not exceed two million dollars, which will facilitate minority businesses in gaining access to the necessary bonding required for pursuing capital projects. This initiative highlights the state's commitment to fostering inclusive economic opportunities by specifically targeting minority-owned enterprises.

Contention

One notable aspect of HB 05135 is the potential implications for state fiscal policy and resource allocation. Opponents of the bill may raise concerns regarding the prioritization of funding for minority business enterprises over other groups or sectors that might also be in need of similar support. While proponents advocate for the bill's ability to promote equity and access in business opportunities, critics may question the effectiveness of such bonding programs in genuinely leveling the playing field for minority-owned businesses compared to their non-minority counterparts.