by Brian Scott-Smith CTNewsJunkie
The state’s small-business owners came together for the second annual Connecticut Small Business Summit in New London County on Monday to find out what state services and resources are available to help them grow their businesses.
According to the US Small Business Administration Office of Advocacy, small businesses make up 99% of all businesses in Connecticut and employ over 730,000 people.
Keynote speakers at the sold-out event included local legislators as well as business leaders with an emphasis on woman owned and minority owned businesses.
Sean Scanlon, Connecticut’s State Comptroller kicked-off the event with a personal story about a small business and his mom who owns one. And said he understands all too well the challenges that small businesses face, especially the costs associated with retirement plans.
“When I decided to dedicate my life to public service and get involved. I really always wanted to find ways to help people like my mom in the work that I do in politics.”
Scanlon said one of the things his office provides now to help small businesses plan for retirement for their employees is a tool called – myctsavings.
“It’s meant to be a way for all of you to offer a retirement plan to your employees, at no cost to you.”
Employees’ contributions are deducted from their paychecks into a Roth IRA and the money grows tax free.
He added, “Half the employers in Connecticut don’t offer retirement services to their employees. Most of the time it’s not because they don’t want to, it’s because they can’t afford to. Because the fees of those plans are too much.”
Scanlon said because of this historic situation people like his mom, who is now in her 70’s are still having to work today because she can’t afford to retire having put every dollar she earned into keeping her business and employees going.
“In 2023 Connecticut had about 700 companies signed up for myctsavings,” said Scanlon,” As of today we’re closing in on 6400 across the state, so in one year we’ve made a lot of progress in this but we’re still trying to get the word out.”
Michelle Gilman, the Commissioner of the Connecticut State Department of Administrative Services talked about the opportunities to be a vendor to the state and how many of those are small businesses of all sizes who count on the state of Connecticut as a customer of theirs.
The summit also gave small business owners the chance to listen and interact with industry professionals to find out the latest trends in business, through breakout panel sessions and a speed networking vendor Expo.
Tammy Hendricks, the Director of Health Equity and Outreach from Access Health Connecticut, who were also the summit’s presenting sponsor, led a panel discussing how health and wellness offerings can help reduce the financial impact of employee’s sick days, which can be costly for a small business.
Marketing your business on social media and building its impact with the local community was discussed by an all female panel of experts from different business backgrounds from retail and PR to becoming a member of a chamber of commerce.
The final panel of the day addressed businesses biggest concern, that of finance and how it affects a business’s bottom line.
Catherine Marx, District Director of the Small Business Administration (SBA) led a panel discussing how to access SBA loans and grants and how they can work with businesses to get them bank ready.
US Congressman Joe Courtney and Lt Governor Susan Bysiewicz closed out the summit.
Courtney welcomed those new to the area to southeastern Connecticut and said the area was in fact the fastest growing region in the state.
“At the end of last year the US Department of Labor Office of Labor Statistics issued their labor market data for 2023 and the fastest growing labor market in the state of Connecticut is the Norwich/New London labor market. It hasn’t always been that way but we are very excited this has become a growth center. It’s the second fastest growing labor market in New England and it’s in the top tier nationally.”
Courtney said this was in part due to the submarine manufacturer Electric Boat who employed over 5000 people in 2023 and will be adding another 5200 in 2024 for the foreseeable future, due to the US Navy’s demand for submarines.
“ This is not just going to be a spike and a return to lower levels, it’s going to continue really for a decade.”
Courtney acknowledged that employer sponsored health insurance continued to be a big cost factor for small businesses in the state and said until that changes organizations like Access Health CT could provide them with options and information.
He also cited changes to Medicare prescription drug pricing and also non medicare drug pricing saying he recognized these costs too are a burden for small businesses and their employees but change was happening now at the federal and state level.
Bysiewicz thanked the small business community by asking them to stand and be seen and showing off its diversity saying, “This is Connecticut small business right here.”
Bysiewicz is a strong supporter and advocate for women owned businesses.
“You may hear all the time that small businesses are the backbone of our economy, truly they are. We’re proud to say that small businesses are growing in Connecticut, particularly women owned small businesses and the state is here to help you in whatever way we can.”
Bysiewicz urged those in attendance who were thinking of starting their own small business to do so and closed by saying, “ Please remember, to support fellow small business owners because nearly every dollar that you spend with a small business stays in that local community.”
