House Majority Leader Joe Aresimowicz (D-Berlin/Southington) reached out to area small business owners about available grants, loans, tax credits and other state assistance.
"Small businesses play a critical role in creating jobs and growing our economy," said Rep. Aresimowicz. "We have created many new state programs to give them the tools they need to succeed, and I just want to make sure that local business owners know about them."
Two of the more popular programs small business owners have found helpful are:
Economic and Manufacturing Assistance Act (MAA) - provides low-interest loans and incentive-driven direct loans for projects which have strong economic development potential. Funding may be used for the purchase of equipment, furniture and fixtures, construction, leasehold improvements, training and other eligible project-related activities.
Small Business Express Program - provides loans and grants to Connecticut's small business to spur job creation and growth.
In addition to small business financial assistance there are more than half a dozen tax incentives such as the Urban and Industrial Site Reinvestment Tax Credit - a dollar-for-dollar corporate tax credit of up to 100% for an investment up to a maximum of $100 million in an urban area or an industrial project; minimum investment is $5 million in distressed communities and $50 million in all other communities.
Others available tax credits include:
• Job Expansion Tax Credit (JET)
• Research and Development Tax Credits
• Fixed Capital Tax Credit
• Financial Services Tax Credit
• Angel Investor Tax Credit
• Machinery and Equipment Tax Credit
A United States Army Veteran, Rep. Aresimowicz highlighted the special Job Expansion Tax Credit (JET) that benefits a company if they hire a veteran. Connecticut businesses are eligible for tax credits of $900 per month for each new full-time job created if the new employee is a veteran who was honorably discharged from or released under honorable conditions from active service in the armed forces.
Any business may contact the state Department of Economic and Community Development to apply for these programs. DECD's Office of Small Business Affairs can be reached at (860) 270-8215, or online at www.ct.gov/ecd/site/default.asp and click on Business Development.