An “environmentally friendly” coffin maker and a Norwalk kiddy play “castle” were among the first half-dozen companies to take loans under Gov. Dannel P. Malloy”™s Small Business Express Program.
Passed as part of Malloy”™s jobs bill last fall, the Small Business Express Program will provide $100 million to help Connecticut”™s small businesses hire more employees, buy equipment and even relocate within the state.
Administered by the Department of Economic and Community Development, DECD is offering matching grants and loans carrying five-year terms and interest rates of up to 4 percent. To be eligible, businesses must have fewer than 50 employees.
Malloy has vowed DECD will complete all applications within 30 days. The state says it will prioritize applications that offer the best chance of maintaining job growth. Grants are capped at $100,000 and require a matching contribution from a business.
“The Small Business Express Program is designed to provide an accessible source of much-needed funding that will help our small enterprises make a big impact in their communities,” Malloy said. “It”™s just one more way we”™re trying to begin an economic revival in cities and towns across our state.”
Even as DECD disburses money from the new program, the state”™s Connecticut Innovations Inc. was also recapitalized to provide venture funding for high-growth, high-wage industries.
While the three main Express Programs specify “economic-based industries” as priorities to receive the funding, at least a few appear to offer little chance for any exponential growth or high wages. As such, grants appear to be open to all manner of small businesses.
Less than two years after it opened, Connecticut Casket Co. is getting the maximum $100,000 grant and $250,000 loan with up to half forgivable depending on jobs created, as it sells coffins built from milled New England lumber at its Willimantic workshop, as well as urns and ornaments.
A second-hand furniture consignment company called Wooden-it-be-Nice Inc. got an $11,500 grant for varying needs at its main office in Marlborough and a facility in Glastonbury.
And Petrini Six Enterprises, doing business in Norwalk as My Three Sons & Cathy”™s Castle, got a $50,000 grant to buy equipment for its kid”™s party center, which includes laser tag, video games and other activities.
Malloy”™s office lined up statements of support for the grant from a half-dozen Connecticut General Assembly members who represent Norwalk, including Rep. Terrie Wood.
“I”™m thrilled to hear Petrini Six Enterprises Inc. took full advantage of what our state is offering. We need to further our efforts to make sure more businesses like Petrini Six Enterprises are aware of the numerous opportunities that are available in the Small Business Express Program so we can keep small businesses growing strong.”
