Connecticut 2019 Regular Session

Connecticut Senate Bill SB01074

Introduced
3/13/19  
Refer
3/13/19  
Report Pass
3/25/19  
Refer
4/4/19  
Refer
4/4/19  
Report Pass
4/10/19  

Caption

An Act Concerning Economic Development.

Impact

The proposed legislation is expected to positively influence state laws governing economic development by creating more opportunities for small businesses to access funding. By supporting microloans, SB01074 encourages entrepreneurship and local economic growth, which can lead to job creation and a stronger economy. Additionally, it promotes collaboration between local organizations, state agencies, and businesses, fostering a comprehensive approach to community development and creating an ecosystem that supports microenterprise success.

Summary

SB01074, titled 'An Act Concerning Economic Development,' aims to establish a pilot microloan program designed to support microenterprises within the state. This initiative will allocate grants to the Community Economic Development Fund, aiming to enable the growth and development of small businesses by providing them with necessary financial resources. The bill sets forth provisions for evaluating prospective loan applicants based on their community impact and support, ensuring that grants are directed towards businesses that are viable and beneficial to their localities.

Sentiment

The sentiment surrounding SB01074 appears to be largely positive, with advocates highlighting the importance of supporting small businesses and stimulating local economies. Stakeholders, including community organizations and lawmakers, view this bill as a step towards enhancing economic opportunities in underrepresented areas. However, there may be residual concerns regarding the effective implementation of the program and whether it will genuinely reach the intended beneficiaries.

Contention

While the bill has garnered support, some areas of contention could arise, particularly around the criteria for evaluating applicants for the microloan program. Ensuring fairness and transparency in the selection process will be crucial to the bill's success. Additionally, questions may surface surrounding the adequacy of funding for the program and the ability of the Community Economic Development Fund to manage and distribute loans effectively, which are critical to achieving the goals of the legislation.

Companion Bills

No companion bills found.

Similar Bills

US HB449

Microloan Transparency and Accountability Act of 2023 This bill modifies reporting requirements related to the Small Business Administration's (SBA) disbursement of certain financial assistance. Specifically, the bill requires the SBA to report certain metrics related to the disbursement of microloans to small businesses, including (1) the number, amount, and percentage of such loans that went into default in the previous year; (2) the extent to which microloans are provided to small businesses in rural areas; and (3) the average size, rate of interest, and amount of fees charged for each microloan.

CA AB2831

Small business customers: demand-side energy management programs.

CT HB05498

An Act Concerning State Contracts For Micro Businesses, Utility Deposits For Connecticut Businesses, The Set Aside Of Department Of Transportation Contracts For Small Businesses, Grants For Regional Revolving Loan Programs For Microenterprises, And The Issuance Of Eligibility Certificates For Certain Economic Development Programs.

DC B25-0504

Ward 8 Community Investment Fund Clarification Act of 2023

DC B25-0498

Ward 8 Community Investment Fund Clarification Temporary Act of 2023

DC B25-0497

Ward 8 Community Investment Fund Clarification Emergency Act of 2023

DC B25-0643

Ward 8 Community Investment Fund Clarification Congressional Review Emergency Act of 2024

MD HB158

Maryland New Start Act of 2022