NORWALK, Conn. -- Senate Majority Leader Bob Duff (D-Norwalk) joined Ridgefield resident Syd Kain, president of Sovereign Home Health Connecticut, at the company's Norwalk headquarters on Monday, Feb. 1 to tout the states InvestCT program.
The InvestCT program has helped Sovereign Home Health create 40 jobs, Duff said. Sovereign Home Health of Connecticut provides seniors with homecare and support so that they may live comfortably and safely in their homes.
“InvestCT is a little known initiative that is successfully creating jobs in Connecticut,” said Duff.“The biggest challenge for small businesses is that banks aren’t lending to small and medium sized businesses," Kain said. "Sovereign went to several banks, many times—big national banks, and some of our local banks; banks with which I’ve personally had a 15 year relationship—and when we asked for a line of credit or a business loan, the answer was always ‘No’.”
“Then I met with Enhanced Capital. They saw my track record in business and my desire to help seniors age in place, and they very quickly said, ‘Yes’. Because of Enhanced Capital and InvestCT program, we were able to put Sovereign Home Health of Connecticut on a growth course,” Kain concluded.
InvestCT allows insurance companies to earn tax credits based on investments they make in high growth Connecticut businesses. The program targets investments in green energy, manufacturing and growth in urban centers. In order for the insurance companies to receive the tax credit, the businesses they invest in must reach predetermined job creation and retention goals.
“Investing in Connecticut is the right thing to do,” said Sen. Carlo Leone (D-Stamford).
Last June, as part of the budget, Duff and the Senate Democrats successfully pushed to recapitalize the program with a new investment of $150 million. Since 2010, the program has dispersed the original $200 million fund with nearly 100 companies participating in the program.More than 2,600 jobs have been created and retained in the state. Ninety-eight percent of all of the jobs created and retained by InvestCT offer healthcare and an average annual salary is $60,000.
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