U.S. Treasury Greenlights Connecticut’s ARPA Spending Initiative

by Brent Addleman


A plan that would allocate federal funding to small businesses in Connecticut has been approved.

Democratic Gov. Ned Lamont, who is running unopposed on the state’s Aug. 9 primary, said the U.S. Treasury Department has greenlighted the state’s $119.5 million plan to assist small businesses in the state using American Rescue Plan Act (ARPA) funding. The funds will be placed into the State Small Business Credit Initiative.

“We are thrilled to accept SSBCI funding from Treasury and get it into the hands of small businesses, which are at the heart of Connecticut’s strong economy,” Lamont said in a release.

Lamont said the funding will be used to help accelerate the state’s recovery from the COVID-19 pandemic.

The program, according to the release, is designed to assist underserved entrepreneurs with a spectrum of loan and equity programs aimed at spurring growth, creating jobs, promoting equity, and using green technologies.

Funding, according to the release, will be distributed by Connecticut Innovations, which is a strategic venture capital sector of the state government that is the leading source of financing and support for innovative, growing companies.

“Congress’ goal in passing the American Rescue Plan Act was to help our country quickly recover economically from the COVID pandemic,” the members of Connecticut’s congressional delegation said in a joint statement. “This use of ARPA funds will spur small business growth and green energy through major investments in entrepreneurship. These vital investments will create thousands of new jobs and will work to make Connecticut more equitable and sustainable. Our delegation is proud to have fought to bring these funds back to Connecticut.”

The infusion of taxpayer dollars will allow Connecticut Innovations to provide two funds, including the Connecticut Future Fund and the ClimateTech Fund. The Future Fund, the governor’s office says, will support business leaders from underserved and diverse backgrounds, while the ClimateTech Fund will support businesses that focus on clean energy, environmentally safe manufacturing, and “climate resiliency.”

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Brent Addleman is an Associate Editor at The Center Square. Addleman is a veteran journalist with more than 25 years of experience. He has served as editor of newspapers in Pennsylvania and Texas, and has also worked at newspapers in Delaware, Maryland, New York, and Kentucky.
Photo “Ned Lamont” by Office of Governor Ned Lamont. Background Photo “Treasury Department” by AgnosticPreachersKid. CC BY-SA 3.0.


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