Connecticut has a robust economy with vast opportunities for small business owners. Starting a new venture or expanding an existing one often requires accessing funding. Luckily, there are numerous loan programs, grants, and other financing options specifically designed for businesses in Connecticut. Here are 20 ways to get small business loans in Connecticut:
Government Programs and Non-Profit Loan
1. Connecticut Small Business Boost Fund
Connecticut Small Business Boost Fund gives low-interest loans to small businesses and nonprofit organizations in Connecticut. These range from $5,000 to $500,000 and have flexible terms and conditions to assist local Connecticut businesses.
2. Connecticut Department of Economic and Community Development (DECD)
The DECD offers financial aid through grants, loans, and tax breaks to companies that provide employment opportunities and support economic development in Connecticut. They offer several programs in startup support, support for well-established businesses, and business support in critical industries.
3. Small Business Express Program
As part of the DECD, Small Business Express helps fund loans and grants for Connecticut-based small businesses in terms of their expansion and job creation within the state and is among its most in-demand funding programs
4. Connecticut Innovations (CI)
CI issues venture capital, grants and loans for innovative start-ups or small business companies focused primarily on the fields of technologies, healthcare, and more. In addition to loaning funds, they extend mentorship and strategic leadership.
5. Community Economic Development Fund (CEDF)
CEDF is a non-profit offering small business loans to under- represented entrepreneurs in Connecticut. It also provides coaching and training to business thus making it very instrumental in new and developing businesses.
6. Hartford Economic Development Corporation (HEDCO)
HEDCO is giving low-interest loans, lines of credit, among other finance solutions to small businesses. They target mainly on small businesses owned by the minorities and women.
7. Small Business Administration (SBA) Loans
The SBA Connecticut District Office helps finance small business through local lenders, SBA-backed loans 7(a), 504, and microloans. SBA loans are excellent for working capital, real estate, and equipment.
8. Women’s Business Development Council (WBDC)
WBDC offers microloans, financial counseling, and workshops to women-owned businesses in Connecticut. WBDC focuses on helping empower women entrepreneurs in the entire state of Connecticut.
9. Connecticut Housing Investment Fund (CHIF)
CHIF is offering loans for small businesses with a concentration on real estate and community development projects in Connecticut. Their programs finance sustainable and affordable housing projects.
10. Connecticut Green Bank
Connecticut Green Bank offers financing opportunities for companies investing in renewable energy and energy efficiency projects. Its programs include solar financing and commercial property loans.
Find the right loan product for your business.
Local Bank and Credit Union Loans
11. Liberty Bank
Liberty Bank offers small business loans, lines of credit, and SBA-backed financing solutions for Connecticut businesses. They closely work with local entrepreneurs to create customized solutions.
12. People’s United Ban
People’s United Bank offers small business loans such as term loans, equipment financing, and SBA-backed financing options to help support Connecticut’s businesses.
13. Webster Bank
Webster Bank offers specializations in SBA loans and business lines of credit for the support of small businesses, particularly in Connecticut, for flexible financing solutions and individualized services.
14. Connecticut Community Bank
Connecticut Community Bank offers customized business loans options, including commercial mortgages and equipment loans, according to the specific needs of the Connecticut entrepreneurs.
15. Savings Institute Bank & Trust
Savings Institute provides a variety of tailored small business loans and SBA financing options to entrepreneurs based in Connecticut in order to meet financial objectives.
Alternative and Specialized Funding
16. Crowdfunding Sites
Sites such as >Kickstarter and Indiegogo enable Connecticut entrepreneurs to raise funds directly from supporters for creative or innovative business projects. These sites are great for launching new products or community-based ventures.
17. Angel Investors and Venture Capital
Connecticut has a well-developed network of angel investors and venture capital firms. You can connect with investors searching for opportunities in the state’s dynamic business environment through sites such as AngelList.
18. Connecticut Community Development Financial Institutions (CDFIs)
Organizations such as Capital for Change lend money and financial support to underserved communities in Connecticut. The organizations are also keen on affordable housing, energy efficiency, and small business growth.
19. Renewable Energy Business Loans
Businesses investing in renewable energy may benefit from the special financing schemes provided by the CT Green Bank Commercial Property Assessed Clean Energy (C-PACE) program. The scheme enables businesses to become energy efficient at reduced costs.
20. Local Chamber of Commerce Grants and Loans
Many local chambers, including the Greater New Haven Chamber of Commerce, offer funding resources, networking opportunities, and advocacy for small businesses. Chambers often connect businesses with local lenders and community grants.
Final Thoughts
Securing small business loans in Connecticut is possible with the right resources and preparation. Begin by researching government programs, non-profit lenders, and local banks that focus on Connecticut businesses. Resources such as the Connecticut SBDC offer valuable information on loan applications, business planning, and funding strategies. With these 20 options, you can find the funding needed to grow your business and contribute to Connecticut’s thriving economy.
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