Connecticut Governor Dannel P. Malloy has announced a new program designed to promote job creation by providing incentives to employers that hire unemployed jobseekers. 45 small businesses are already participating in the program throughout the state of Connecticut.
The program – the Subsidized Training and Employment Program (STEP UP) provides two types of hiring incentives for companies, a six month wage subsidy or a small grant of up to $12,500 over a six month period. Individuals qualified to be hired through the program must meet basic employment qualifications. The program itself was officially created through a jobs bill that passed the Connecticut state legislature last autumn.
“Even though our unemployment rate is at its lowest point in three years, if you don’t have a job it might as well be at 100%,” said Governor Malloy.
So far, the program has led to 135 new hires. STEP UP will provide up to $20 million in funding through subsidies. Many of the early hires have come in service-based roles. Companies that have less than 50 people can apply for subsidies through the program, provided they offer on-site job training. New hires must also be Connecticut residents.
State officials hope that the program will spur small business job growth and economic development in smaller municipalities throughout the state. The Connecticut Department of Labor has put up information on the program on through a new website. The Malloy administration has been focused on finding ways to bring new economic activity to the state, the jobs bill package contained a variety of incentives to foster economic development in addition to job creation. As CivSource previously reported, the state also launched StartUp Connecticut a program designed to support local entrepreneurship.