Connecticut: $124 Million To Support Small Business Growth

Governor Lamont Announces State Bond Commission Set To Approve $124 Million To Support Small Business Growth, Job Creation, and Revitalization Measures

HARTFORD, CT (STL.News) Governor Ned Lamont announced that he has placed more than $124 million in new investments in small business growth, workforce training, and community revitalization on the agenda for approval at the next meeting of the State Bond Commission.

The governor, who serves as chairman of the State Bond Commission and determines which projects get placed on the agenda, said the investments are expected to create thousands of jobs in the coming years.

“Investing in our communities through revitalization projects, workforce development training, and small business support is a key part of our plan to accelerate long-lasting and equitable economic development in Connecticut,” Governor Lamont said.  “These investments are aimed at creating thousands of new jobs, improving the vibrancy and quality of life in our communities, and making all corners of the state even more attractive for investment and opportunity.”

“These are smart investments in our businesses, workers, and communities that will create thousands of jobs and help build new economic vibrancy throughout the state,” Connecticut Department of Economic and Community Development (DECD) Commissioner David Lehman said.  “This year we saw steady progress on several economic fronts and these strategic investments are good way to build on that economic momentum in 2022 and beyond.”

Some of the economic development investments set to be approved at the meeting include:

  • Connecticut Communities Challenge Grant Program: $25 million will be invested into the Connecticut Communities Challenge Grant Program.  Launched in October, this program will fund a wide range of projects that improve the livability, vibrancy, and appeal of communities throughout Connecticut, while aiming to create approximately 3,000 new jobs.  DECD will announce the first round of awards by mid-2022.  It is the state agency’s goal to allocate up to 50% of the funds to eligible and competitive projects in distressed municipalities.
  • Brownfield revitalization: $25 million will be used for the remediation of contaminated brownfield sites to bring them back to productive use.  DECD will begin accepting project applications in spring 2022.
  • Small Business Express Program: $21 million will be invested into DECD’s restructured Small Business Express Program, which provides financial assistance to Connecticut’s growing small businesses.  DECD will collaborate with local partner organizations on programs designed to spur private investment, maximize private-sector expertise, and share credit risk.
  • Downtown Crossing project in Hartford: $13.6 million will be granted to the Capital Region Development Authority for the Downtown Crossing project in Hartford, which includes creation of a parking garage and 228 units of housing adjacent to Dunkin’ Donuts Park.
  • Redevelopment of the Hartford Hilton: $11 million will be invested for the redevelopment and renovation of the Hartford Hilton.  A total of 166 hotel rooms will remain and will be renovated, while the remaining portion of the hotel will be converted into 147 residential units with approximately 20% of them designated as affordable units.
  • Remediation of the Remington Arms Facility in Bridgeport: $10 million will be granted to the City of Bridgeport for redevelopment and remediation of the former Remington Arms Facility.
  • DECD support to businesses: $6 million will be invested to support DECD’s network of economic development partners throughout Connecticut that provide critical support services to businesses.
  • CareerConneCT Program: $5 million will be invested for the Connecticut Office of Workforce Strategy’s CareerConneCT program that will be used to enhance and expand workforce training programs across the state and provide direct support for new workforce initiatives focused on diversity, equity, and inclusion.
  • Minority Business Loan Program: $4 million will be invested into HEDCO’s minority business loan program.
  • Redevelopment of 101 College Street in New Haven: $2 million will be granted to the City of New Haven to assist with design and construction of tunnels, driveways, and city sidewalk improvements associated with the development of an office building at 101 College Street.
  • Remediation of the RM Keating Historical Enterprise Park in Middletown: $2 million will be granted to the City of Middletown for the RM Keating Historical Enterprise Park. The building will be remediated and upgraded to support start-up businesses.
  • In addition, several new investments in arts and cultural attractions across Connecticut will be up for consideration.

The meeting will be held via videoconference and is set to begin at 2:00 p.m. on Tuesday, December 21, 2021.  It will be publicly available to watch live online and on demand after its conclusion through the Connecticut Network (CT-N) at ct-n.com.

Agenda for the December 21, 2021 meeting of the State Bond Commission