Giving Small Businesses a Boost
seCTer Participates in the Connecticut Small Business Boost Fund
Supported by the Connecticut Department of Economic & Community Development, the Connecticut Small Business Boost Fund is a onestop shop for business owners and nonprofits to get support and guidance before, during and after the loan application process.
Businesses needing a boost.
Many small businesses and nonprofits in Connecticut experience barriers to accessing financial resources. This is especially true for organizations in distressed municipalities, and those led by women, individuals with disabilities, veterans and people of color. The Connecticut Small Business Boost Fund was created to provide access to working capital for local organizations that need it most, in turn supporting a greater economic recovery for the state.
Why is this different?
Loan applicants receive support from a network of community lenders and technical assistance providers with decades of experience working with small businesses.
This program has an equity-minded approach focused on communities that have historically experienced barriers to accessing working capital.
Eligibility
- Operations in CT
- Annual revenue less than $8 million
- Under 100 full-time employees
- Operational for at least one year
Details
- Working capital loans between $5,000 and $500,000 (subject to eligibility)
- No origination fees
- Fixed, 4.5% interest rate
- 60 and 72 month payback terms depending on loan size
- Loan proceeds can be used for:
- Equipment
- Payroll
- Utilities and rent
- Eligible refinancing
- Supplies
- Marketing and Advertising
- Building renovations
- Other expenses