Are you a business or non-profit with fewer than 100 full-time employees? You may be eligible for a loan from the new Connecticut Small Business Boost Fund. Announced by the Department of Economic and Community Development (DECD) and in partnership with private lenders, the $150 million loan program was announced on July 25, 2022.
Eligible business – those with fewer than 100 full-time employees, less than $8 million in annual revenues, that have been in operation for at least one year – can apply for loans with a fixed interest rate of 4.5% ranging from $5,000 to $500,000. Borrowers will have 60 months to repay loans less than $150,000, and 72 months to repay loans between $150,000 and $500,000. Roughly half of the funds are set aside for businesses or non-profits with minority and women owners as well as those that operate in distressed locations.
To learn more about the loan program, visit the Connecticut Small Business Boost Fund website.
To apply for a loan, visit their application page.
To read the full announcement about the loan program, read this Connecticut Business & Industry Association article.