The Connecticut Department of Veterans' Affairs is reminding veteran-owned businesses to submit applications to compete for state contracts.

A new state law effective Oct. 1 authorizes up to a 15 percent price preference in awarding state contracts to veteran-owned small businesses, meaning that if a business owned by a veteran comes in 15 percent over the lowest bid, it still would get the contract.

"This law promotes economic growth and innovation, and it helps veteran-owned businesses compete in the state contracting process," Veterans' Affairs Commissioner Sean M. Connolly said in a statement.

Already, a portion of the state budget dealing with contracted goods and services is required to be spent through Connecticut small and minority-owned businesses. Twenty-five percent is set aside for small businesses and 25 percent of that portion is for minority business enterprises.

The department began certifying applications Monday. Applications can be found on the department's website, http://www.ct.gov/ctva.