Connecticut Small Business Boost Fund

The Connecticut Small Business Boost Fund is a new resource that will move your business forward. Supported by the Connecticut Department of Economic & Community Development, the Connecticut Small Business Boost Fund links Connecticut small businesses and nonprofits to the financial support they need to thrive.

The Connecticut Small Business Boost Fund gives small business owners access to flexible funding for capital expenditures and working capital.

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.

To be eligible for the program:

• Businesses and nonprofits must have operation in CT
• Have no more than 100 full time employees
• Have annual revenues of less than $8 million
• Been in operation for at least 1 year prior to date of application. A small amount of financing is available for start up businesses.

Loan terms:

• Borrow between $5,000 and $500,000 (subject to availability)
• Fixed 4.5% interest rate
• 60 month repayment terms for loans less than $150,000; 72 month repayment terms for loans over $150,000

For more information and access to an application, please click here. Free resources for program information and application assistance can be found here.