Connecticut House Bill HB05108

Connecticut 2012 Regular Session

• Introduced: 2/16/12
• Refer: 2/16/12
• Report Pass: 3/15/12
• Refer: 3/26/12
• Report Pass: 4/2/12

Caption

An Act Concerning Modifications To The Community Economic Development Fund Service Area.

Impact

If enacted, HB 05108 would significantly alter the existing framework surrounding the Community Economic Development Fund by ensuring more targeted support for low-income neighborhoods and individuals. It emphasizes the need for financial assistance tailored to those who do not qualify for traditional financing options. The program is expected to bolster local economies by creating job opportunities, enhancing skill development, and leveraging both public and private investments. Moreover, the introduction of a governing entity with a diverse board ensures that the interests of the communities served are distinctly represented in decision-making processes.

Summary

House Bill 05108 aims to modify the Community Economic Development Fund Service Area to enhance support for low and moderate-income individuals who are starting or expanding small businesses. The bill facilitates the establishment of a community economic development program that offers access to credit, financing for community development activities, and technical assistance. This initiative is particularly focused on public investment communities and targets the generation of employment opportunities aimed at stabilizing neighborhood economies. The overarching goal is to alleviate the financial barriers that typically hinder the growth of small businesses owned by low-income individuals.

Sentiment

The sentiment surrounding HB 05108 appears to be predominantly supportive, particularly from community organizations and advocates focused on economic justice. Proponents laud the bill for addressing the financial challenges faced by underserved communities and believe that it will positively impact economic development across the state. Supporters feel that it would empower local entrepreneurs and contribute to the long-term sustainability of businesses that directly serve public investment areas. However, there may be caution regarding the effective implementation and management of the funds allocated to technical assistance and training.

Contention

Notable points of contention may arise concerning the governance structure of the proposed entity and the allocation of funds for technical assistance. Questions could be raised about the representation of low-income individuals within the decision-making bodies and how funds will be efficiently utilized to maximize benefit. Additionally, while the bill aims to foster inclusivity in economic development, skeptics might express concerns regarding the adequacy of private capital leveraged against public funds and the potential bureaucratic challenges that might emerge due to increased oversight.