Tag: Department of Economic and Community Development

The federal agency seeks to grow the export capacities for the nation's smaller businesses.

The DECD commissioner said that the state’s value proposition is proven by the numbers: 40,000 new businesses were registered in Connecticut last year, and over 20,000 new residents moved in.

The Innovation Corridor program and the Connecticut Communities Challenge program aim to spur place-based development in municipalities with up to $200 million in funding over five years.

Included are matching grants for digital readiness and cybersecurity assessments, more engineering internships, and a single website where manufacturers can find answers to the issues and challenges they face.

The company's proprietary technology promises fully underwritten pre-approvals in hours, an on-time closing guarantee, and a price match for the lowest possible mortgage rates.

The program will provide businesses and nonprofits in Connecticut that have fewer than 20 employees, or a 2019 payroll of less than $1.5 million, with a one-time grant of $5,000.

Qualifying organizations will receive a base grant of $5,000. For organizations that have raised funds between March 10 and Nov. 1, the program will offer a supplemental match of 50% of contributed income during that period.

The usual mitigating practices (masks, social distancing) will still apply in all circumstances. “Obviously we’re dialing up the risk a little bit,” Gov. Ned Lamont said. “This is no time for us to lose our discipline.”

Now live, the portal -- business.ct.gov – will allow users to communicate with several state agencies in one seamless interaction, allowing them to get their work done more quickly.

Although one national forecast says that domestic travel spending will drop 40% this year, Connecticut Office of Tourism Director Randy Fiveash maintains that Connecticut's hospitality sector is “a very resilient industry,” and predicted that thousands of lost jobs will quickly be filled as the summer goes on.

Gov. Ned Lamont acknowledged that any coronavirus flare-ups and/or an increase in hospitalizations could negatively affect the situation. "Plan accordingly, knowing there's a fair amount of risk," he said.

“You have to be so flexible, accommodating your customers and your employees,” says Don Droppo Jr., owner, president and CEO of Curtis Packaging in Sandy Hook. “This is unprecedented for all of us, and you can either run from it or you can see it as an opportunity.”

Six days in to Phase 1 of reopening the state, the picture in Connecticut is good, at least on an anecdotal basis. So said Gov. Ned Lamont at his daily briefing today. However, he noted, disagreement with the tribal owners over their planned June 1 reopening continues.

Although Connecticut has achieved all seven of its criteria to begin reopening, May 20 has proven to be a moving target for hair salons and barber shops, which are no longer among the businesses allowed to reopen on that date.

More than 29,000 people filed new unemployment benefits claims last week, bringing that total to about 515,000 since the middle of March. The governor said the state Department of Labor has processed over 500,000 of those claims and paid out over $1.3 billion, including around $25 million for self-employed and gig workers.