Greetings - the Newtown Economic Development Commission and I thought that we would use this month's newsletter to highlight some of Connecticut's new business programs, make a few announcements and invite you to visit our website to learn more about us and our work or about the many real estate options available in Newtown. We also want to take this opportunity to welcome you to contact us with any questions, concerns or comments about doing business in Newtown and want you to know that we will work with you to find the right program or site that fits your business needs. We have some exciting news to share and some new events and programs to announce so please read on to learn more.
Elizabeth Stocker, AICP
Director of Economic and Community Development
Small Business Express Programhttp://www.ct.gov/ecd/cwp/view.asp?a=3931&q=489792
Businesses that want to take advantage of the state's new lending programs for small businesses can apply for the money through the non-profit Community Economic Development Fund (CEDF). CEDF is working in partnership with the state Department of Community and Economic Development. To qualify, the businesses must employ 50 or fewer workers, be current on state taxes (or have a repayment plan), and have been in operation for at least one year. Two programs are available as follows:
- Businesses can apply for loans between $10,000 and $100,000 at 4 percent for working capital, expansion, equipment and other uses
- Businesses that intend to retain employees or hire at least one additional full-time person can borrow up to $250,000
In addition, for business owners who are applying for a loan at CEDF and have their own working capital to invest in their businesses, the state of Connecticut may match that investment with a dollar-for-dollar grant.
New Loans for CT Small Businesses
Free Loan Application Session - February 23, 2012 in Meriden. Sign Up Today
|State's New Business-Friendly Measures
Connecticut recently enacted landmark legislation that will dramatically strengthen job creation efforts and attract new investment to the state. Applications are now open for a wide range of new programs aimed at creating jobs and providing additional support for businesses. The measures, which took effect July 1, represent a comprehensive approach to improving our business climate and supporting job growth and business expansion. New programs and measures include:
- A $15 million small business loan program in which businesses and nonprofits can receive up to $500,000 in loans and lines of credit.
- A $5 million pre-seed financing program for businesses developing innovative concepts.
- An Angel Investor Tax Credit program will provide 25 percent personal income tax credits for up to $100,000 in angel investments in bioscience, photonics, information technology and green technology businesses.
- Sales tax exemption for machinery, supplies and fuel used in renewable energy and clean energy technology industries.
- Insurance Reinvestment Tax Credit changes expand and strengthen the program to create more investment opportunities in Connecticut companies by encouraging innovation and entrepreneurship, protecting the insurance industry and promoting technology and green jobs.
- The Enterprise Zone program has been expanded to include the area surrounding Bradley International Airport and UConn's John Dempsey Hospital. For more information call Anne Karas at 860-270-8143.
- The Job Creation Tax Credit program has been expanded for small businesses and companies that hire workers with disabilities.
- Permit reform legislation (P.A. 10-158) shortens the timeframes businesses face when trying to secure environmental permits from the state.
|Program to Invigorate Connecticut's Emerging Technology Sector|
This January Connecticut Innovations (CI) announced the approval of a plan to deploy $50 million per year, over five years, consisting of $25 million per year from the State of Connecticut along with a matching $25 million per year from CI itself. The $125 million in new funding from the state was included in Governor Dannel P. Malloy's Jobs Bill, which was signed into law in October 2011. CI's plan is to match this state funding with its existing cash and funding from its investment returns, contingent on the timing of CI's future investment liquidity events.
The infusion of new funding will invigorate Connecticut's emerging technology sector. CI's plan calls for the quasi-public organization to recruit early-stage, high-potential companies from other states, leverage its knowledge of the technology industry and investment community to attract outside investment to match CI funds, and utilize its expertise to expand existing initiatives and launch new initiatives.
Read the plan >>
Our website is updated on an ongoing basis to provide up to date information and links to resources that will assist you with financing your business, getting your business started, lean manufacturing, export assistance and a variety of other topics related to business development. Of course you are always welcome to contact an EDC member or Elizabeth Stocker at 203-270-4271 or by email for personalized assistance. Ms. Stocker has an office at the Newtown Municipal Center where she welcomes you to stop by. Our aim is to help your business grow and thrive in Newtown, Connecticut.
Does your brownfields project require gap financing? Are you interested in learning more about Connecticut's seed capital programs, corporate tax credits or environmental liability insurance? Then you must check out the CT Office of Brownfield Remediation and Development (OBRD), where both financing and technical resources are available.
The OBRD works with the U.S. Environmental Protection Agency (EPA), the Connecticut Department of Energy & Environmental Protection (DEEP), the Department of Economic and Community Development (DECD), the Connecticut Brownfields Redevelopment Authority (CBRA), the Office of Policy & Management (OPM) and with the Town of Newtown to assist with redevelopment of these special sites.
The State offers liability protection programs to the prospective purchaser of a brownfield site. The Office of Brownfield Remediation and Development will work with EPA, DEP and the prospective purchaser to expedite the process and broker meetings. Programs are available that provide alternatives to site remediation thus minimizing costs.
Additionally, there are many sources of financial assistance available for brownfields assessments, cleanup and project financing.
New Connecticut Laws Promise Manufacturing Assistance
New legislation promoting economic growth in Connecticut became effective January 1, including provisions for manufacturing assistance and job creation.
Read More >>
SBIR Acceleration and Commercialization Program
The Small Business Innovation Research (SBIR) Acceleration and Commercialization Program is our new, state-funded initiative to accelerate Connecticut's entrepreneurial technology economy. If you are an SBIR Phase I and/or Phase II winner or have won significant ($500,000 +) non-SBIR funding, you'll want to learn more about this new program.
Click here to view the latest SBIR News. >>
Entrepreneur Self Assessment:
Do You Have What it Takes?
Starting Your Connecticut Business:
A Step-by-Step Guide
Writing a Business Plan:
Your Company's Roadmap
Save these four dates:
April 24, April 26,
May 1, May 3
6:00 - 8:00 pm
A Newtown location will be announced shortly
Best of Newtown Day
at Fairfield Hills
Newtown Rotary Club and Economic Development Commission
Saturday, June 16, 2012
Newtown Arts Festival
at Fairfield Hills
Newtown Cultural Arts Commission
September 15-16, 2012
|FEATURED PROPERTY |
The Fairfield Hills Campus is undergoing a transformation into a thriving multi-use campus.
Learn more >>
|PROPERTY SEARCH |
Review available buildings and sites in Newtown. Browse >>