Connecticut 2017 Regular Session

Connecticut Senate Bill SB00282

Introduced
1/19/17  
Introduced
1/19/17  
Refer
1/19/17  

Caption

An Act Authorizing The State Treasurer To Purchase The Guaranty Of Certain Loans.

Impact

If enacted, SB 00282 would amend Chapter 66 of the general statutes, significantly impacting state financial regulation relating to the use of the State Employees Retirement Fund. The bill underscores a commitment to aiding small businesses, which are often seen as the backbone of the economy. By acting as a guarantor for SBA loans, the state could improve lending confidence among banks, potentially lowering interest rates and making loans more accessible. This could lead to increased small business activity, fostering job creation and economic resilience in Connecticut.

Summary

Senate Bill 00282, introduced by Senator Suzio, focuses on economic development by enabling the State Treasurer to utilize funds from the State Employees Retirement Fund to purchase guarantees for certain federal Small Business Administration (SBA) loans. The bill seeks to enhance the availability of capital to small businesses in Connecticut, thereby supporting local economic growth and job creation. Specifically, it authorizes up to one billion dollars for this purpose starting from July 1, 2017. The main aim of the bill is to ensure that small businesses can access the financial support necessary to thrive and expand, particularly in challenging economic climates.

Contention

Despite its supporters who champion the bill for its potential economic benefits, there may be concerns regarding the financial implications and risk involved in utilizing retirement funds for loan guarantees. Critics may argue that such actions could threaten the stability and integrity of the State Employees Retirement Fund, raising questions about financial accountability and risk management. Additionally, discussions could arise over the selection process for which loans to guarantee and whether such a system prioritizes fairness and equality among small businesses.

Voting_history

The voting history for SB 00282 will likely reflect diverse opinions among legislators, with proponents advocating for small business support and economic expansion, while opponents may express concerns about fiscal responsibility and the broader implications of using public funds for loan guarantees. Monitoring the legislative discussions will provide insights into the varying perspectives regarding the bill and its projected impacts.

Companion Bills

No companion bills found.

Previously Filed As

CT SB00090

An Act Authorizing Bonds Of The State For The Purchase Of Security Cameras By The Town Of Montville.

CT SB00063

An Act Authorizing Bonds Of The State To Purchase Camp Laurel In Lebanon As Open Space.

CT SB00096

An Act Authorizing Bonds Of The State For The Purchase Of A Rescue Engine By The Town Of Franklin.

CT SB00099

An Act Authorizing Bonds Of The State For The Purchase Of A Rescue Engine By The City Of Norwich.

CT SB00064

An Act Authorizing Bonds Of The State For The Purchase Of Generators For The Ledyard Senior Center And Food Pantry.

CT HB05092

An Act Authorizing Bonds Of The State For A Grant-in-aid To South Central Chiefs Of Police Association, Inc. For The Purchase Of Certain Tracking Technology.

CT SB00066

An Act Authorizing Bonds Of The State For Purchase Of A Fire Rescue Boat And A Personal Watercraft By The City Of Milford For Marine Rescues.

CT HB05195

An Act Authorizing Bonds Of The State For The Purchase Of Real Property Located In New Haven.

CT SB00161

An Act Authorizing Bonds Of The State For Grants-in-aid To Home Health Agencies To Purchase Safety, Tracking And Communications Devices.

CT SB00163

An Act Authorizing Bonds Of The State For Grants-in-aid To Home Health Agencies To Purchase Safety, Tracking And Communications Devices.

Similar Bills

No similar bills found.