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DECD Commissioner Catherine Smith's "Reinventing Connecticut" PowerPoint Presentation.

DECD Commissioner Catherine Smith's "Reinventing Connecticut" PowerPoint Presentation.

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  • Financial assistance is in the form of: Access to capital : Revolving Loan Funds Incentive loans and grants to create jobs : Job Creation Incentives Job Creation Matching Grants
  • Employees hired between January 1, 2012 and January 1, 2014 are eligible for this program.
  • DECD – Existing tools: Small Business Revolving Loan Fund – eligible to CT based businesses with less than 100 employees. Loan amounts up to $500,000 at 4% Manufacturers Assistance Act – traditional lending tool with flexible terms and rates Enterprise Zone Benefits Urban Reinvestment Tax Credit – tax credits for projects over $5,000,000 Job Creation Tax Credits CDA Tools: Loan guarantees and supplemental insurance for small or early stage companies unable to meet standard bank underwriting criteria (URBANK) Direct loans - $250,000 to $5 million Participating loans with your bank - $250,000 to $5 million Guaranteed loans – credit enhancement guarantee to private-sector lenders Line of credit to term loans - $250,000 to 1 million Capex – one year line converts to term loan
  • Transcript

    • 1. www.decd.org Catherine H. Smith Commissioner
    • 2.  
    • 3.  
    • 4. <ul><li>Supporting small business growth </li></ul><ul><li>Addressing our regulatory environment </li></ul><ul><li>Supporting innovation </li></ul><ul><li>Focusing on workforce development </li></ul><ul><li>Enhancing the state’s economic development tools </li></ul>
    • 5. <ul><li>Small Business Express Package – $50 million/year </li></ul><ul><ul><li>Revolving loan fund </li></ul></ul><ul><ul><li>Job creation incentive program </li></ul></ul><ul><ul><li>Job creation matching grant Program </li></ul></ul><ul><li>STEP UP – $10 million/year </li></ul><ul><ul><li>Subsidized training and early employment </li></ul></ul><ul><li>Agricultural Support </li></ul>
    • 6. <ul><li>Job Creation Tax Credits ($20 million/year) </li></ul><ul><ul><li>Consolidates and increases existing credits: Employers receive $500 per month for each new job when they hire – up from $200 </li></ul></ul><ul><ul><li>Incremental credit for hiring the unemployed, disabled, and veterans – $900 per month </li></ul></ul><ul><li>Manufacturing Reinvestment Account </li></ul><ul><ul><li>Increase eligibility from 50 to 100 companies </li></ul></ul><ul><ul><li>Raise limit from $50,000 to $100,000 </li></ul></ul>
    • 7. <ul><li>Expedite the permitting process – LEAN approach </li></ul><ul><li>Streamline Brownfield redevelopment </li></ul><ul><ul><li>Create a program to identify, remediate, and market five state-owned brownfields </li></ul></ul><ul><li>Cut the business entity tax </li></ul><ul><ul><li>Payments will be good for two years rather than one </li></ul></ul>
    • 8. <ul><li>Connecticut Innovations funded to spur innovation and entrepreneurship – $25 million/year </li></ul><ul><ul><li>Build innovation centers to connect entrepreneurs with mentors, talent, support, ideas, services, and capital they need to grow </li></ul></ul><ul><ul><li>Provide matching dollars for SBIR grants </li></ul></ul><ul><ul><li>Launch and support STARTUP Connecticut </li></ul></ul><ul><li>Reduce angel investment threshold from $100,000 to $25,000 </li></ul>
    • 9. <ul><li>Assess current training programs </li></ul><ul><li>Create long-term strategy to align education to business growth </li></ul><ul><li>Establish/expand manufacturing technology programs in 3 community colleges - $10 million/ year for two years </li></ul><ul><ul><li>Modeled after the successful Asnuntuck Community College model </li></ul></ul>
    • 10. <ul><li>Replenish the Manufacturing Assistance Act over the next two years </li></ul><ul><ul><li>$60 million will be prioritized for small business assistance </li></ul></ul><ul><li>Create a business portal for ease of access to state programs/services </li></ul><ul><li>Public Private Partnership </li></ul>
    • 11. <ul><li>Refurbish Bridges </li></ul><ul><li>Main Street Upgrades </li></ul><ul><li>Airport Enterprise Zones </li></ul>
    • 12.  
    • 13. <ul><li>Express package is in place with $100 million available for small business! </li></ul><ul><li>The Small Business Express Program (EXP) supports the retention and growth of small business </li></ul><ul><li>Combination of loans and grants </li></ul><ul><li>EXP incorporates a streamlined process </li></ul><ul><ul><li>One-page, online application </li></ul></ul><ul><ul><li>Expedited review process </li></ul></ul><ul><ul><li>Close within 30 days </li></ul></ul><ul><ul><li>Visit www.DECD.org </li></ul></ul>
    • 14. <ul><ul><li>Eligible to CT companies that have been in existence for at least 1 year and have less than 50 employees </li></ul></ul><ul><ul><li>Loan amounts from $10,000 to $100,000 </li></ul></ul><ul><ul><li>4% interest rate for a term of up to 5 years </li></ul></ul><ul><ul><li>Eligible uses include purchase of new machinery and equipment, construction or leasehold improvements, relocation costs, and working capital </li></ul></ul>Revolving Loan Fund
    • 15. <ul><ul><li>Eligible to companies that have been in existence for at least 1 year and have less than 50 employees </li></ul></ul><ul><ul><li>Loan amounts from $10,000 to $250,000 </li></ul></ul><ul><ul><li>4% interest rate for a term of up to 5 years </li></ul></ul><ul><ul><li>Eligible uses include training, marketing, and working capital </li></ul></ul><ul><ul><li>Loan forgiveness and deferral periods may be applied based on job creation levels </li></ul></ul>Job Creation Incentive
    • 16. <ul><ul><li>Eligible to CT companies that have been in existence for at least 1 year and have less than 50 employees </li></ul></ul><ul><ul><li>Grant amounts from $10,000 to $100,000 </li></ul></ul><ul><ul><li>Businesses must match grant funds dollar for dollar </li></ul></ul><ul><ul><li>Eligible uses include training, working capital, purchase of new machinery and equipment, construction or leasehold improvements, and relocation costs </li></ul></ul>Job Creation Matching Grant
    • 17. <ul><li>Subsidized Training and Employment Program - five million dollars per year for two years </li></ul><ul><li>Small Manufacturer Training Grant Program – five million dollars per year for two years </li></ul><ul><li>Both programs apply to “new hires” </li></ul><ul><li>Eligible small businesses can only utilize one program for each eligible new hire </li></ul>Promoting job creation and worker opportunity for small businesses and unemployment workers
    • 18. <ul><ul><li>Consolidates and increases the existing job creation tax credit programs </li></ul></ul><ul><ul><li>Employers receive $500 per month for each new job when they hire </li></ul></ul><ul><ul><li>Incremental credit for hiring the unemployed, disabled, and veterans at $900 per month </li></ul></ul><ul><ul><ul><ul><li>Companies with under 50 employees = must hire at least one new job </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Companies with 50 to 100 employees = must hire at least five new jobs </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Companies with over 100 employees = must hire at least ten new jobs </li></ul></ul></ul></ul><ul><ul><li>Companies must complete application before hiring! </li></ul></ul>Effective January, 1, 2012 $20 million available in tax credits through JET!
    • 19. <ul><ul><li>New legislation doubles limit from 50 – 100 on the number of small manufacturing companies </li></ul></ul><ul><ul><li>For income years starting January 1, 2012, it doubles, from $50,000 - $100,000, the maximum amount deposited </li></ul></ul><ul><ul><li>Manufacturers with 50 for fewer employees deposit 100% of domestic gross receipts for 5 years in an interest bearing MRA to save for: </li></ul></ul><ul><ul><ul><ul><ul><li>Training, developing or expanding workforce </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Purchase of machinery, equipment, or facilities </li></ul></ul></ul></ul></ul><ul><ul><li>Corporation taxes on MRA are deferred until withdrawn for eligible purposes and tax rate on withdrawal is 3.5% as opposed to 7.5% </li></ul></ul>
    • 20. Southeastern Connecticut Enterprise Region Region of Operation: South Eastern Connecticut Website: www.secter.org Middlesex County Revitalization Commission Region of Operation: Middlesex County Website: www.middlesexchamber.com Waterbury Development Corporation Region of Operation: Naugatuck Valley Area Website: www.wdconline.org HEDCO Inc. Region of Operation: Statewide Website: www.hedco-ghbdc.com Community Economic Development Fund (CEDF) Region of Operation: Statewide Website: www.cedf.com Community Capital Fund Region of Operation: Greater Bridgeport Website: www.commcap.org Connecticut Community Investment Corporation (CTCIC) Region of Operation: Statewide Website: www.ctcic.org The following lending partners work in conjunction with DECD in implementing programs:
    • 21. <ul><li>CDA </li></ul><ul><li>Lori Granato </li></ul><ul><li>(860) 258-7872 </li></ul><ul><li>DECD </li></ul><ul><li>Tricia Paesani </li></ul><ul><li>(860) 270-8215 </li></ul><ul><li>DOL </li></ul><ul><li>Rina Bakalar </li></ul><ul><li>(860) 263-6523 </li></ul><ul><li>CI </li></ul><ul><li>Julie Rader </li></ul><ul><li>(860) 257-2334 </li></ul>www.DECD.org

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