New Law To Promote Global Exports By Small Businesses
A new law could impact small businesses planning to expand overseas. Governor Dannel Malloy visited aerospace company Test Logic in Middletown Monday, to sign a ceremonial bill. WNPR’s Sujata Srinivasan reports.
Connecticut companies exported nearly $16 billion of goods and services last year. A new legislation is expected to boost those numbers.
Governor Dannel Malloy.
“What we’re really doing here is trying to grow the export business in Connecticut.”
The legislation will allow the Department of Economic and Community Development, to give priority funding to so-called economic base industries – companies creating jobs in precision manufacturing, business services, green technology, bioscience and information technology.
“We had a special legislative session that I called to address the issue of job retention and creation. This program as it was originally constituted was a centerpiece of that legislation. It has since that time evolved to have a broader mission with more money allocated towards job creation through this program.”
Exports have doubled in the last decade and the state ranks tenth in average exports per person. John Rathgeber, president of the Connecticut Business & Industry Association, says there’s potential to do even better.
“If we can expand the number of small businesses participating in exporting opportunities, I think we can move up the ladder as far as per capita national rankings and possibly be in the top five.”
For WNPR, I’m Sujata Srinivasan
(Public Act 13-56 – ACC Encouraging the Exportation of State Products and Services Through the Small Business Express Program)