Connecticut House Bill HB05118

Connecticut 2015 Regular Session

• Introduced: 1/8/15
• Refer: 1/8/15

Caption

An Act Concerning The Regional Delivery Of Small Business Express Funds.

Impact

The proposed changes under HB 05118 are positioned to impact the state's approach to small business support significantly. By integrating regional economic development agencies into the Small Business Express program, the bill is expected to streamline funding processes. Specifically, 20% of the funds allocated under this program will be reserved for this regional component, ensuring that smaller communities and businesses have equitable access to vital financial assistance that can facilitate growth and job creation.

Summary

House Bill 05118 aims to enhance the Small Business Express program by introducing a regionally administered component. This amendment allows regional economic development agencies to play a more active role in the financial assistance process by reviewing applications, recommending terms and conditions for assistance packages, and forwarding these to the Commissioner of Economic and Community Development for final approval or rejection. The bill seeks to establish a more localized and efficient method for delivering funds to small businesses, which may lead to better access and support for those in various regions of the state.

Contention

While the bill presents an encouraging framework for enhancing small business support, it may also raise several points of contention that center around the allocation and management of these funds. Critics might argue that establishing regional authorities could complicate the funding process and lead to inconsistencies in how assistance is distributed. There is a concern that without proper oversight, the decision-making by regional agencies could favor certain businesses or areas over others, potentially creating perceived inequities in support for small business across the state.