Home Grown Businesses: Winchester looks to grow small businesses
Connecticut is home to many large businesses – pharmaceutical companies, insurance companies, and military – but the backbone of every town and city in America is small local businesses. The state understanding this has created the Small Business Express Program, but as reported by the Register Citizen of Torrington, only businesses in two towns in Litchfield County have taken advantage of the program as of yet. The Winchester Economic Development Council, wanted to get the word out about this program.
Started in response to the need to spur growth and job creation in the state, the Small Business Express Program is there “to provide the capital necessary to fuel small business progress. Whether you need an equity investment, capital purchase or working capital, you’ll find Connecticut offers an array of financing programs for small businesses.”
According to the Hartford Business Journal, the program over $254 million dollars in loans and grants has received promises to retain over 25 thousand jobs in the state of Connecticut, entirely in the small business sector. And among the over 1600 businesses that have received funds from this program, only 55 have gone out of business, which is a rate of .034 percent.
Matching grants back to top
Businesses can take out loans and matching grants in order for just about anything their business needs at low interest rates meant to benefit the small businesses. The Register Citizen gives two examples of businesses that have taken advantage of this program: “Accounting and More, LLC in Litchfield, received a $200,000 job creation loan in 2018. It is a business owned by a woman and has one employee. A manufacturing company in Winchester, Dufrance Nuclear Shielding Inc., received a $229,500 job creation loan and a $60,000 matching grant in 2017. It hired 13 employees last year.”
This is not the first time that Winchester had promoted this program. According to their press release, they had done a similar presentation in 2013 that resulted in nine jobs being created and over $700,000 in loans being distributed. Winchester understands that the most important part of programs like the Small Business Express Program is knowing that they exist.