State Bond Commission to inject millions into brownfields, small business and other development priorities

Gov. Ned Lamont, on Monday, announced plans to pump $75 million into the small business program. he State Bond Commission is set Friday to borrow $25 million to fund the state’s brownfield remediation grant program, and another $25 million for a rebooted version of the Small Business Express program. These are among a laundry list of economic development initiatives poised to receive tens-of-millions of dollars in funding on the state’s credit card. The brownfield program allows communities to apply for grants of up to $2 million each to clean up polluted sites for reuse. The new version of Small Business Express, called the Small Business Boost Program, will have a revolving loan fund, a separate revolving fund dedicated to minority business, as well as input from Connecticut-based bankers and Connecticut Innovations Inc. Loans from the minority revolving fund can range from $10,000 to $500,000 with a maximum interest of 4%, with terms of no more than 10 years.

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