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Gov. Ned Lamont held a press conference at New Park Brewing in West Hartford on Friday to highlight the success of the Small Business Boost Fund. The fund has been instrumental in helping businesses like New Park Brewing grow and expand. The governor praised the public-private partnership that the Boost Fund represents, emphasizing that it is not “free money,” but a low-interest loan program that supports businesses and helps them overcome financial barriers.

Under the Boost Fund program, small businesses with fewer than 100 employees and revenues less than $8 million are eligible to apply for loans. In its first year, the fund has distributed $39 million to 313 businesses across the state, covering various sectors including manufacturing, retail, construction, and services. The fund also aims to support businesses in low-income or historically underserved communities, with approximately 33% of the funds being distributed in distressed municipalities. Moreover, more than 50% of the loans have gone to women- or minority-owned businesses, demonstrating a commitment to fostering diversity and inclusion.

The success story of New Park Brewing serves as a shining example of how the Boost Fund has helped businesses thrive, even in the face of challenges such as the COVID-19 pandemic. New Park Brewing utilized the fund to hire full-time staff, expand its footprint, and open a second event space called the Green Room. The availability of funds enabled the brewery to cater to larger events and attract national performers. Additionally, the Boost Fund helped New Park Brewing create job opportunities, employing three full-time employees and providing a boost to the local economy.

The role of the AI legalese decoder in this situation would be to provide assistance and guidance to small businesses navigating the loan application process. The Decoder can help simplify complex legal language and requirements, making it easier for small businesses to access the financial support they need. By breaking down legalese into plain language, the AI legalese decoder ensures that small businesses have a clear understanding of the loan terms and conditions. This technology can be an invaluable resource for small businesses seeking funding through programs like the Boost Fund, enabling them to make informed decisions and maximize their chances of success.

In conclusion, the Small Business Boost Fund has been instrumental in supporting the growth and expansion of businesses in Connecticut. The public-private partnership, led by Gov. Ned Lamont, has provided much-needed financial assistance to small businesses, breaking down barriers and fostering economic development. The success of New Park Brewing exemplifies how the Boost Fund has helped businesses thrive, and the AI legalese decoder can further enhance the accessibility and understanding of loan programs, ensuring that more small businesses can benefit from these initiatives.

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