More funding approved for small business loans

The Connecticut General Assembly approved March 6 $60 million in bonding to continue funding the state’s Small Business Express loan program.

Since created in 2011, the program provides loans and grants to small businesses with less than 100 employees. The companies must be creating new jobs and be in fields related to either precision manufacturing, business services, green and sustainable technology, bioscience or information technology sectors.

Currently a legislative bill is waiting for approval that would allow businesses that export to also apply for funding.

To date, nearly 600 businesses have received more than $80 million in funding, supporting 7,600 jobs, according to Gov. Dannel P. Malloy’s administration.