Posted on July 27, 2022
Small businesses and nonprofit organizations with less than 100 full-time employees may be able to benefit from the newly created Connecticut Small Business Boost Fund. The program provides low interest non-forgivable loans to approved applicants between $5,000 and $500,000 (subject to eligibility).
Loans totaling less than $150,000 will have a 60-month repayment period while those totaling more than $150,000 will have a 72-month repayment period. These loans can be used for payroll, equipment, utilities and rent, marketing and advertising, renovations, and other related expenses.
Eligibility requirements include:
- The business/non-profit must have operated in Connecticut for at least a year prior to the date of the application
- Have annual revenues less than $8 million
- Have less than 100 full-time employees
Those who are interested can begin the pre-application process using the link found here. Applicants will be matched with a community lender who will assist with each step of the application process and can connect applicants with additional support services if necessary.