Connecticut Senate Bill SB00120

Connecticut 2012 Regular Session

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

Caption

An Act Authorizing Bonds Of The State For The Start-up Connecticut Program.

Impact

The introduction of SB00120 is designed to stimulate innovation and entrepreneurship within the state. By focusing on startups that hold patents, the legislation aims to foster a favorable environment for businesses that are likely to have a tangible impact on the economy. The provision of low-interest loans will alleviate some of the financial burdens that new companies face, particularly those that are in the critical stages of development when securing traditional funding can be challenging.

Summary

SB00120, also known as 'An Act Authorizing Bonds Of The State For The Start-up Connecticut Program', aims to promote economic development by providing financial support to startup companies that have obtained patents for products or processes with demonstrated market demand. The bill proposes to empower the State Bond Commission to issue bonds totaling up to ten million dollars. These funds will be directed towards the Department of Economic and Community Development to facilitate low-interest loans for eligible startup businesses.

Contention

Given the focus on government-backed financial assistance for startups, SB00120 may generate discussions regarding the appropriate role of state intervention in the market. Proponents of the bill are likely to argue that government support is essential for nurturing innovation and helping small businesses thrive. Conversely, critics may raise concerns about public funding for private enterprises and the potential for misallocation of resources. The sentiment surrounding the bill will largely revolve around balancing economic growth with prudent fiscal responsibility.