CT: Straightforward,low-interest loans
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About This Opportunity
Connecticut Small Business Boost Fund Straightforward, low-interest loans Tailored to Connecticut’s Small Businesses and Nonprofits Pre-Apply The Connecticut Small Business Boost Fund is a new resource that will move your business forward. Supported by the Connecticut Department of Economic & Community Development , the Connecticut Small Business Boost Fund links Connecticut small businesses and nonprofits to the financial support they need to thrive. FLEXIBLE. PERSONAL. INVESTED. Pre Apply The Connecticut Small Business Boost Fund gives small business owners access to flexible funding for capital expenditures and working capital and connects them with support services. It’s a personal, equitable approach to lending, because business owners are more than just numbers on a spreadsheet. Small businesses and nonprofits can borrow between $5,000 and $500,000 depending on eligibility and need , and can choose how they spend the money — on equipment, payroll, utilities & rent, supplies, marketing & advertising, eligible refinancing, building renovations and other expenses. Loans are not forgivable. Businesses will need to pay back the full amount of the loan with interest over a 60- or 72-month term. Need assistance with your loan application? Get more information on free business support resources. Business owners who apply for loans through the Connecticut Small Business Boost Fund have the option of receiving free business guidance before, during and after the application process. Business support organizations can help with everything from application guidance to identifying and gathering the required documents, financial projections, cash flow management, business plans and credit improvement support. If a business is not successful in securing a loan, the business support counselor works with them to get them closer to being loan-ready so that they may have a successful application in the future. Request Support Here An equitable approach to lending. Many small businesses and nonprofits in Connecticut experience barriers to accessing financial resources. This is especially true for organizations in low-income areas, and those led by women and people of color. The Connecticut Small Business Boost Fund was created to provide access to working capital for those that need it most, in turn supporting a greater economic recovery for Connecticut. Apply now No origination fees Streamlined application process Quick application approval timelines Support in multiple languages Loan Terms Borrow between $5,000 and $500,000 (subject to eligibility) Fixed 4.5% interest rate 60-month repayment terms for loans less than $150,000; 72-month repayment terms for loans over $150,000 ELIGIBILITY REQUIREMENTS Business and nonprofits must have operations in Connecticut Have no more than 100 full-time employees Have annual revenues of less than $8 million Businesses and nonprofits must have been in operation for at least 1 year prior to the date of applicatio