CONNECTICUT ONLY
This new fund gives small business owners of Connecticut access to flexible funding for capital expenditures and working capital and connects them with support services. It’s a personal, equitable approach to lending, because business owners are more than just numbers on a spreadsheet.
Small businesses and nonprofits can borrow between $5,000 and $500,000 depending on eligibility and need, and can choose how they spend the money — on equipment, payroll, utilities & rent, supplies, marketing & advertising, eligible refinancing, building renovations and other expenses. Loans are not forgivable. Businesses will need to pay back the full amount of the loan with interest over a 60- or 72-month term.
HOW DOES THIS LOAN DIFFER FROM OTHERS?
Through the Fund, applicants can work directly with local community lenders that have extensive small business lending experience. It’s a one-stop shop for business owners, where they can get business support and guidance before, during and after the loan application process.The Connecticut Small Business Boost Fund does not offer forgivable loans. This program is not associated with the federal Paycheck Protection Program (PPP), or any other SBA program, and loans are not guaranteed by the State of Connecticut. The business will need to pay back the full amount of the loan with interest over a 60- or 72-month term.
REQUIRED FOR UNDERWRITING
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2023 and 2022 personal and business tax returns(will not accept extensions)
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Personal Financial Statement and Debt Schedule (click for attachment)
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Copy of driver’s license or other photo ID for all owners
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YTD Interim financial statements
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Two recent months of business bank statements from the primary operating account
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A void check for the applying business