Steve Cassano

Cassano Votes for New Jobs Measure

Answering the call of Connecticut manufacturers, state Senator Steve Cassano (D-Manchester) today voted for a bill that expands Connecticut’s wildly successful Small Business Express grant and loan program to another 3,600 state manufacturers that employ between 50 and 100 people.

“The unemployment rate in Connecticut has been trending downward for the past few years, but it is still too high, so we took additional steps today to address that,” Sen. Cassano said. “I’ve had local manufacturers tell me how pleased they are with the Jobs Bills that we passed in October, but that it needs to be expanded. We listened and took action.”

Today’s legislation included Democratic policy proposals which:

• Expand the existing Small Business Express Program (EXP) to an estimated 3,600 additional state businesses. Under current law, a business qualifies for Express loans and grants if it employs 50 or fewer people; Senate Bill 1 raises that employee ceiling to 100 employees.
• Establish the Unemployed Armed Forces Member STEP-UP (Subsidized Training and Employment Program) with grants to subsidize a businesses’ cost of hiring unemployed veterans during their first 180 days (about six months) on the job. The bill authorizes $10 million in bonds for the program, with $5 million available upon passage and the balance available in Fiscal Year 2014.
• Create a “Connecticut Made” and “Connecticut Treasures” programs to promote products made in Connecticut and promote the state’s cultural, educational and historic attractions. Part of the bill provides for the design planning, and implementation of a multiyear, state-wide marketing and advertising plan that includes television and radio advertisements showcasing Connecticut-made products and the advantages they offer.
• Seek to relocate overseas jobs to Connecticut by allowing the state Department of Economic and Community Development to give a preference under the “First Five Plus” program to companies that will relocate jobs from overseas to Connecticut; assistance includes loans, tax incentives and other forms of economic development that create jobs and invest capital within a certain timeframe.

Today’s legislation builds on October’s Jobs Bill, which—among other pro-business policies—set aside $100 million for small manufacturing grants and loans and which so far has attracted over 700 applicants.

Sen. Cassano pointed to some recent news stories touting the ongoing success of the October Jobs Bill (including a state grant to custom cabinet maker in Manchester) and the strength of Connecticut’s manufacturing sector, including a recent state EXP grant to a company that could not secure funding from private banks and had to turn to Connecticut instead to fund its expansion and hiring plans.

“The private-sector banks are turning their backs on Connecticut small businesses,” Sen. Cassano said. “We’re treating local businesses differently. We’re supporting local businesses and putting Connecticut residents and our returning veterans back to work. That’s why we’re spending so much time here in the legislature—like today—on employment and economic policy.”