New Loan Program for Small Businesses and Non-ProfitsAugust 3, 2022
Targeted loans will provide small businesses and non-profits, particularly those in low-income and historically underserved communities, with increased access to much-needed working capital.
Named the Connecticut Small Business Boost Fund, it is a public-private partnership that offers low-interest loans specifically to small businesses and non-profits in Connecticut. Applications are now being accepted for loans ranging from $5,000 to $500,000.
The loans have a fixed, 4.5% interest rate and are available to eligible small businesses and non-profits with operations in Connecticut that have 100 or fewer full-time employees and annual revenues of less than $8 million.
Small businesses and non-profits can apply online at CTSmallBusinessBoostFund.org, and if they qualify, they will be matched with a lender who will assist the business owner or non-profit organization throughout the application process.
In addition to state funding from the Connecticut Department of Economic and Community Development, initial funding has been provided by Citizens Bank, M&T Bank, and First Republic Bank.
This is a great example of the kind of public-private partnerships that can make a difference by helping small businesses and non-profits access the resources they need to grow and thrive in our state.