In effort to bring new life to the state’s economy, there are three funds established within Connecticut’s financial sector. The purpose of these funds is to make more than 130 billion USD (United States Dollars) available to businesses experiencing high growth or to those that can describe themselves as small or medium sized. Perhaps, the best part about these funds is that they are not privately developed but in fact public funds available to anyone who qualifies for them. These funds are available under the revised Insurance Reinvestment Tax Credit program. And, although the details of this program and its results are complicated, the bottom line remains that it is a good deal.
The strategy behind these programs is actually quite innovative in the sense that it intends to help businesses within one industry to improve the productivity in others across genres. It all starts with insurance companies and making sure that there are funds available, so they can help other businesses in their start-up ventures. Put simply, these funds are available to assist insurance companies and financial businesses guide other establishments from seed to stage with results.
Traditionally, Connecticut is a state that shows a challenge for businesses to start and maintain growth in their initial development. However, this new program intends to target successful and growing industries such as biotechnology to ensure economic growth. It also works very closely with key players within the industries of technology and agriculture, which are already successful in Connecticut. The idea is to let these leaders and captains of industry provide guidance for those who want to start businesses without there being any technical issues of financial availability getting in the way. Other programs of this nature show high success rates, so everyone has their fingers crossed for these three funds.
One exciting part to these funds and the buzz they generate are the big names who are involved with it. One of these names and major players within the financial sector is Enhanced Capital based out of New York City. Other players to act within the situation are Ryan Brennan of Advantage Capital and Ironwood Capital which happens to be based out of Louisiana. For Advantage Capital and Ironwood Capital, this financial growth is not exactly their first rodeo. They have investments with Connecticut companies in the past. If everything goes as it has before there should be no problem and plenty of growth and jobs to grow around within the state.