We understand it is difficult for so many of you to make ends meet during the pandemic. Here are a couple of financial resources that are specifically for Connecticut. As we have shared, there are other SBA loans like the Economic Income Disaster Loan. We have highlighted those we have helped our constituents work with in the past.
Manufacturing Assistance Act
To support manufacturing projects that offer strong economic development potential, the State of Connecticut passed the Manufacturing Assistance Act, which funds direct loans to growing, eligible economic-based businesses.
Connecticut Small Business Express Program
Provides an array of financing options to fuel your progress, whether you need an equity investment, capital purchase or working capital. Through state programs, small businesses can access direct funding from the Department of Economic and Community Development (DECD) and Connecticut Innovations (CI).https://portal.ct.gov/DECD/Content/Business-Development/05_Funding_Opportunities/Small-Business- Express
Connecticut Manufacturing Innovation Fund Voucher Program
Provides companies with access to capital to help them obtain new equipment and the expertise they need to become more efficient, productive, and competitive. Eligible companies can apply for vouchers up to $50,000 for the purchase of specialized equipment and expertise that will help improve operations, including marketing, LEAN, compliance, and other technical needs. Notwithstanding any prior grants under this MVP program, manufacturers realigning or expanding capacity and capabilities to respond to the shortages of critical medical equipment and supplies shall be eligible for a one-time grant up to $75,000. Eligibility shall be determined by DECD based on market prioritization; i.e. Shortages at the time of application. The amount awarded under this exemption maybe reduced by the amount awarded under any other DECD COVID-19 program. Participating companies must pay half of the cost. https://ctmvp.ccat.us
Community Economic Development Fund
Provides loans to Connecticut small business owners, primarily in low-to-moderate income communities, who are not able to obtain traditional bank financing.
Women and Minority Loan Guarantee
Special loan guarantee in conjunction with the Department of Economic and Community Development (DECD) to help women- and minority-owned businesses obtain flexible financing. This program is for start-up businesses as well as existing businesses planning to expand. CEDF provides the loan and the Department of Economic and Community Development provides up to a 30% guarantee. Women- or minority-owned business with 50 or fewer employees are eligible. Loan amount up to $50,000. https://www.cedf.com/loans/women-and-minority-loan-guarantee-program/
Provides fast, affordable loans up to $15,000 in just two weeks. Rate is 8.125% and includes free business coaching with Community Investment Corporation. Businesses have to have been open at least one year, owner credit score of 650 or higher, and zero late payments in the last year. http://ciclending.com/micronow-loan/
COVID-19 Business Response Program
Provides qualifying small business with 20 or fewer employees may apply for a zero-interest Line of Credit for up to $20,000. This $2 million program will be allocated to minority-owned and women- owned small businesses. The program will be administered and underwritten by HEDCO, Inc.
HEDCO Business Loans
Access to capital needs that would be otherwise un-met or under-served. HEDCO offers small business and non-profit organizations flexible and affordable loan options that fit their needs:
Southeastern Connecticut Enterprise Region
SeCTer’s small business lending program can help small to medium-sized businesses expand, upgrade machinery and equipment, and/or relocate to our region. SeCTer provides loans to businesses that are not quite bank ready, providing them the capital to grow and succeed.
Northeast CT Economic Alliance
Provides business loans to businesses within our 21-town service region in northeast Connecticut. Generally, loans range in size from $5,000 to $50,000, although it is possible to structure larger loans.
The majority of our business clients are small to medium in size, with 50 or fewer employees. We have the risk tolerance to do business with start-ups and many of our applicants have had their loan request denied by banks and/or other financing entities.