Connecticut Small Business Boost Fund
Connecticut Small Business Boost Fund supports small businesses and nonprofits with working capital and capital expenditure loans and free guidance to address financing barriers and build loan readiness.
Funder: Connecticut Department of Economic and Community Development
Due Dates: Rolling (Loan applications)
Funding Amounts: $5,000–$500,000 loans at 4.5% fixed interest, with 60- or 72-month repayment terms
Summary: Provides Connecticut small businesses and nonprofits with working capital and capital expenditure loans, plus free business guidance.
Key Information: Loans are not forgivable; personal guarantees are required from business owners with 20% or greater ownership.
Description
The Connecticut Small Business Boost Fund, supported by the Connecticut Department of Economic and Community Development (DECD), connects small businesses and nonprofits with financing and business support. It funds working capital and capital expenditures through community lenders experienced in serving small businesses and historically underbanked communities. Its equity-minded approach focuses on organizations that have faced barriers to financing, particularly those in low-income areas and those led by women and people of color.
Applicants can receive free guidance before, during and after the loan application process. Support includes application assistance, financial projections, cash flow management, business planning and credit improvement. Counselors also help applicants who are not matched with a lender or approved for financing work toward becoming loan-ready.
