Governor Lamont announced the launch of a $150 million loan program for Connecticut small businesses and nonprofits.
The result of an innovative public-private partnership, the Connecticut Small Business Boost Fund is designed to help small businesses and nonprofits access the flexible working capital they need to grow and thrive.
What makes this initiative so unique is that it:
Focuses on underserved communities that have historically experienced barriers to accessing working capital — including organizations in distressed municipalities as well as those led by women, individuals with disabilities, veterans, and people of color;
Brings together a network of community lenders who are committed to addressing the needs of historically under-resourced and underbanked communities; and
Offers a one-stop shop for business owners for hands-on support and guidance before, during, and after the loan application process.
Applications are being accepted now for loans ranging from $5,000 to $500,000 at a fixed, 4.5% interest rate. These loans are available to qualifying small businesses and nonprofits with operations in Connecticut that have 100 or fewer full-time employees and annual revenues of less than $8 million.
Applications can be submitted online at CTSmallBusinessBoostFund.org.