Connecticut SB 307: AN ACT CONCERNING THE DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT'S RECOMMENDATIONS FOR REVISIONS TO THE COMMERCE STATUTES AND PROHIBITING SCHOLARSHIP DISPLACEMENT FOR CERTAIN STUDENTS AT PUBLIC INSTITUTIONS OF HIGHER EDUCATION.
Status: SIGNED BY GOVERNOR (as of 2026-06-02)
State: Connecticut · Session: 2026 · Bill: SB 307
Subjects: Advisory bodies, Arts, Tourism, Culture, History and Film, Connecticut Commission on, Brownfield Remediation and Development, Office of, Brownfields, Community development entities, Connecticut Innovations, Incorporated, Connecticut Manufacturing Innovation Fund, Corporation business tax credits, Digital media industries, Economic and Community Development, Department of, Economic planning and development, Electronic data processing, Electronic government information, Governor, Grants by the state, Housing development, Infrastructure, Invest CT funds, Job incentive grant program, Jobs, Loans by the state, Manufacturing establishments, Minority business enterprises, Motion pictures, Neighborhood economic development, Nonprofit organizations, Ombudsman, Permits, Pilots, Plans, Policy and Management, Office of, Poverty, Reports, Responsible Growth, Office of, Small Business Express program, State Bond Commission, State bonds for community development, State funds, Tax exemptions, Tourism, Women-owned businesses, Workforce development
Sponsors: Savet Constantine, Tony Hwang, John Santanella, Tom Delnicki
Bill Text
Substitute Senate Bill No. 307 Public Act No. 26-122 AN ACT CONCERNING THE DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT'S RECOMMENDATIONS FOR REVISIONS TO THE COMMERCE STATUTES AND PROHIBITING SCHOLARSHIP DISPLACEMENT FOR CERTAIN STUDENTS AT PUBLIC INSTITUTIONS OF HIGHER EDUCATION. Be it enacted by the Senate and House of Representatives in General Assembly convened: Section 1. Section 32-7g of the 2026 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2026): (a) There is established within the Department of Economic and Community Development the Connecticut Small Business [Express] Boost program. Said program shall provide small businesses with various forms of financial assistance. A small business eligible for assistance through said program shall (1) employ not more than one hundred employees, (2) have operations in Connecticut, and (3) be in good standing with the payment of all state and local taxes and with all state agencies. It shall be the goal of the Department of Economic and Community Development that, on or before July 1, [2026] 2028, the Connecticut Small Business [Express] Boost program be self-funded and that the default rate of small businesses that receive assistance under said program be not more than twenty per cent. Substitute Senate Bill No. 307 Public Act No. 26-122 2 of 59 (b) The Connecticut Small Business [Express] Boost program shall consist of various components, including (1) a revolving loan fund, as described in subsection (c) of this section, to support small business growth, (2) at least one [minority business revolving loan] Connecticut opportunity fund, as described in subsection (d) of this section, to support the growth of [minority-owned] small businesses in historically underserved communities, (3) a component established in consultation with representatives from Connecticut-based banks and a banking industry association, as described in subsection (e) of this section, and (4) a component established in consultation with Connecticut Innovations, Incorporated, as described in subsection (f) of this section. The commissioner may give preference to program applications from disabled veteran-owned businesses. Notwithstanding the provisions of section 32-5a regarding relocation limits, the department may require, as a condition of receiving financial assistance pursuant to this section, that a small business receiving such assistance shall not relocate, as defined in section 32-5a, for five years after receiving such assistance or during the term of the loan, whichever is longer. All other conditions and penalties imposed pursuant to section 32-5a shall continue to apply to such small business. As used in this subsection, (A) "disabled veteran" means a veteran, as defined in section 27-103, who has a disability rating of at least thirty per cent, as determined by the United States Department of Veterans Affairs; and (B) "disabled veteran-owned business" means a small business of which greater than fifty per cent is owned by one or more disabled veterans. (c) There is established as part of the Connecticut Small Business [Express] Boost program a revolving loan fund to provide loans, loan guarantees, loan portfolio guarantees, portfolio insurance and grants. (d) (1) (A) There is established as part of the Connecticut Small Business [Express] Boost program at least one [revolving loan] Connecticut opportunity fund to provide loans to eligible small Substitute Senate Bill No. 307 Public Act No. 26-122 3 of 59 businesses that are owned by [one or more members of a minority] applicants who meet at least one of the following criteria: (i) Operate or reside in a concentrated poverty census tract, as defined in section 32- 7x; (ii) have an adjusted gross income of not more than the annual area median household income, as determined by the United States Department of Housing and Urban Development; (iii) are first-time business owners or enterprises lacking access to traditional commercial lending; or (iv) operate or reside in a municipality with a population of not less than sixty thousand that has a concentrated poverty census tract, as defined in section 32-7x, and who meet the income-eligibility threshold described in clause (ii) of this subparagraph. (B) In determining the eligibility of an applicant for assistance under the Connecticut opportunity fund, the commissioner shall prioritize, in the following order, applicants who: (i) Operate or reside in a concentrated poverty census tract; (ii) meet t
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