Bill > SB00966

This bill proposes several changes to economic development programs administered by the Department of Economic and Community Development (DECD). Specifically, it: 1) Requires the DECD Commissioner to report to the legislature on the First Five Plus program, including the number of jobs created, the net rate of return to the state, and the program's economic impact, and allows the legislature to hold a hearing on the report. 2) Establishes a new component within the Small Business Express program that would allow the DECD Commissioner to collaborate with Connecticut-based banks to provide loan guarantees and short-term bridge loans to small businesses. 3) Expands the annual report required from the DECD Commissioner to include more detailed analyses of the state's economic development programs, including their impact on the state's economy and whether the programs are meeting their goals. 4) Requires the Auditors of Public Accounts to conduct performance audits of the state's economic development incentive programs and evaluate the DECD's annual reporting on these programs. 5) Creates a Minority Business Initiative Advisory Board to advise the DECD Commissioner on increasing access to capital, technical assistance, and state contracts for minority-owned businesses.

Budget and Finance, Business and Industry

Commerce Committee (J)

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00966&which_year=2017