DECD’s Small Business Express (EXP) program is currently being restructured pursuant new legislation passed during the 2021 legislative session.
Under the improved program, DECD will partner with organizations on programs designed to spur private investment, maximize private-sector expertise, and share credit risk. Priorities include:
- Utilizing private-sector expertise in financial and technical assistance programs for small businesses while allowing financial institutions the flexibility to widen the credit box;
- Building new partnerships with private organizations to increase lending capacity for small businesses and entrepreneurs;
- Maximizing private-sector resources to capitalize on public investments;
- Targeting investments to support women, minority, veteran, and business owners with disabilities, and businesses located in distressed municipalities; and
- Creating sustainable sources of funding to stimulate small businesses formation and growth and help higher risk credit profiles overcome barriers to traditional financing.
Next month, DECD will issue a request for proposals for lending institutions and business organizations to submit their ideas for programs that will achieve these objectives. DECD will then partner with selected organizations and invest in their programs to build capacity in the state’s small business and entrepreneurial ecosystems and ensure consistent sources of much-needed capital.
Check back here in the coming weeks for further updates.
For additional information or questions, contact Sheila Hummel at (860) 500-2405 or via email at Sheila.Hummel@ct.gov.