Connecticut Economic and Development Fund
Small Business Assistance Updates
CT CARES Small Business Grant
Glendowlyn Thames, Deputy Commissioner, CT Department of Economic & Community Development
SBA PPP Forgiveness Application Procedures
Julio Casiano, SBA Hartford District Deputy Director
Eligible Connecticut businesses and nonprofits can receive a one-time $5,000 grant under the Department of Economic and Community Development’s (DECD) $50 million program. Learn the details about eligibility and exclusions and how to prepare for the application process that opens the week of Nov. 9.
The SBA and Treasury have released a streamlined application form for PPP loan forgiveness. Learn which businesses are eligible to use this process and when banks will begin accepting applications.
Create Your 90-Day Action Plan
Tuesday, November 17, 2020; 11:00 AM – 1:00 PMAlso Wed., Nov. 18, 11 am to 1 pm, (Must attend both sessions) Plus pre-session homework.
Free for CEDF loan and education clients by special arrangement, but registration required
Are you prepared to grow your business under the “new normal?”
Invest four hours over two days in this nationally-conducted workshop and feel more confident and ready to meet the uncertain but inevitable challenges of the year ahead.
What you will learn:
- How to identify the areas of focus for the next 90 days in your business.
• How to access proven smartstrategies and ‘how to’ tools to build your revenue and profits quickly.
• How to create a ready-to-implement plan – your personal workbook mapping out precise activities in key areas of your business.
• How to implement new ideas for improving your marketing, sales, service, time and team issues – so you put more dollars on the bottom line.
You’ll walk away with:
- Energy, vision and focus for the next 90 days in your business.
• Take home strategies to build your profits right away.
• A personal workbook mapping out precise goals and activity for the next 90 days in all key areas of your business.
• A network of business contacts to work with.
• The skills and the tools to get more done in less time.
• A clear understanding of what has worked in your business and what hasn’t and why.
• New ways to get your team to take responsibility and ownership of their roles in the business leaving you with more free time to work on the business.
About the presenter
Tom Maier is the principal for ActionCOACH in Connecticut, a leading international coaching company for small and medium businesses His company provides practical, proven methods to grow profits within a network of more than 300 coaches worldwide.
Cómo comprar un edificio para tu negocio
Thursday, November 19, 2020; 3:00 PM – 4:00 PM
Seminario web en vivo
Gratis pero se requiere registrar
Ricardo Vidal, CEDF Director de Préstamos
Sueña con liberar su negocio de una renta alta que no puede pagar o de un dueño que ofrece poca ayuda? Comprar una propiedad con una hipoteca commercial es una experiencia muy diferente a una transacción residencial. Aprenda lo que se necesita para estar preparado.
Small Business and Entrepreneurship Council (SBE)
Breaking News (REALLY Great News) for Small Business
The Securities and Exchange Commission (SEC) ) took important and needed steps to improve access to capital by enhancing investment crowdfunding at a meeting on November 2. SBE Council has been advocating for these smart reforms for quite some time, which will serve to boost regulated crowdfunding and unleash a significant level of capital that is needed by local businesses across the United States. In a media release cheering these changes, I remarked:
“Investment crowdfunding is playing a critical role in helping small businesses access the capital they need to pivot, reinvent themselves and succeed in the COVID-19 economy. Local investors are actively providing capital to local businesses, which is helping entrepreneurs better navigate the ups and downs of this very challenging period. These rule changes adopted by the SEC will greatly expand the availability of capital, and help many local economies and jobs remain intact during the pandemic and recovery period.”
Specifically, the rules the SEC advanced today include:
● Increasing the maximum, a company can raise from $1.07 million to $5 million;
● Amending the investment limits for investors in Regulation Crowdfunding offerings by not applying any investment limits to accredited investors while revising the calculation method for investment limits for non-accredited investors to allow them to rely on the greater of their annual income or net worth when calculating the limit on how much they can invest;
● Permitting issuers to “test-the-waters” prior to filing an offering document with the Commission;
● Permitting “demo day” communications that would not be deemed general solicitation or general advertising;
● Permitting the use of Special Purpose Vehicles to facilitate investing in Regulation Crowdfunding issuers;
● And extending for 18 months the existing temporary relief providing an exemption from certain Regulation Crowdfunding financial statement review requirements for issuers offering $250,000 or less of securities in reliance on the exemption within a 12-month period.
SAVE THE DATE: Small Business Outlook, November 18, 1:00 p.m. ET
SBE Council president & CEO Karen Kerrigan joins Travelers for a webinar on the direction of key small business issues in the coming months and year, and how this will impact small business growth, entrepreneurship and the economy. MORE TO COME!
Small Business Administration
SBA published a new FACT SHEET on PPP Loan Forgiveness, which covers the “how to’s” and what to compile to document expenses for loan forgiveness.
Webinars SBA Hartford
Loans for Agricultural Businesses
October 27, 2020: Small Business Administration (SBA) News Release (21-070, CT 16723) announced the availability of Economic Injury Disaster Loans (EIDL) to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations in Hartford, Litchfield, Middlesex, New Haven, New London, Tolland and Windham are eligible under the State of Connecticut’s Sec. of Agriculture declaration as a result of drought beginning on September 22, 2020. (Please note: Because SBA releases loans in counties that are contiguous to the declared county, many counties fall under more than one SBA declaration).
The EIDL is open to eligible farm-related and non-farm related entities that suffered financial losses as a direct result of this disaster. Except for aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers and ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov and should apply under SBA declaration # 16723, not for the COVID-19 incident. Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to DisasterCustomerService@sba.gov.
Completed Loan applications are due to SBA no later than June 14, 2021.
SCORE of New Haven
Google Analytics 101: Improve Your Online Business by Understanding Essential Data
November 17, 2020 1:00-2:30 pm
Google Analytics is a fantastic tool. Best part is, it’s free to use for everyone! No matter if you have a 2-page website or a massive e-commerce website, you can use Google Analytics to understand how your customers are using your website and where you can improve their experience.
During this webinar, expert in business data analytics Mo Hossain will walk you through the steps of how to set up Google Analytics so you can start getting data from your own website.
In this workshop you’ll learn:
- The basics of Google Analytics
- Why Google Analytics is important
- How you can use it for your benefit
About the Presenter
Founder and Owner, Data Up
Mo Hossain is a volunteer Workshop Presenter for SCORE and an expert in Technology Strategy & Digital Business Analysis.
Building Inclusion and Diversity Strategies into Your Small Business
November 19, 2020 1:00-2:00 pm
This year has been one of unprecedented change, civil unrest and social upheaval. Organizations, even small businesses, have a responsibility to address the issues of this time.
Join this interactive live session, presented by cultural intelligence and intercultural communications expert Stephanie Felix, as she will share best practices for small business owners to:
- Effectively create inclusivity in your business and products
- Leverage the power of diversity to better meet the needs of your employees and customers
- Learn strategies for incorporating inclusion and diversity into your entrepreneurial endeavors
About the Presenter
Manager of Career and Team Growth
Stephanie Felix has deep expertise in cultural intelligence, intercultural communications and creating a sense of belonging at work. She has 12 years of experience working in learning and development and inclusion and diversity and is passionate about driving a growth mindset and a learning culture in organizations.
CT Department of Economic and Community Development
CT Cares Small Business Grant Program
The Department of Economic and Community Development has announced the CT Cares Small Business Grant Program to help small business owners who continue to be affected by COVID-19.
Some highlights of the program include:
- Business owners may receive a $5000 one-time grant
- Eligible expenses include payroll, rent/mortgage, utilities, inventory, purchase of machinery, and costs associated to ensure compliance with CT Reopen Business Sector Rules
- Funds are expected to be disbursed by 12/30/20
Eligibility requirements include:
- Businesses must have no more than 20 total FTEs in 2019 across all of their Connecticut locations, or have total 2019 payroll of less than $1.5 million (annualized). FTE and payroll may include affiliated companies.
- Businesses must be able to demonstrate a 20% or more loss in revenue year to date as of September 30th, 2020 compared with the same period in 2019.
- Business must have been established by October 1, 2019 and still be active (as verified by DRS).
- Home-based businesses are eligible.
- Eligible entities: for-profit businesses that use any type of incorporation, as well as 501(c)(3), 501(c)(4), 501(c)(6), 501(c)(7), and 501(c)(19) nonprofit organizations.
- The business must remain a viable business, be planning to reopen, and be planning to rehire any workers let go due to COVID as business conditions recover, and have a material financial need that cannot be overcome without the grant of emergency relief funds.
- Companies must be in good tax standing with DRS or current on a payment plan or consent to use a portion and/or all of their grant to remedy the delinquency.
- Sole proprietorships are eligible.
The application for this program is expected to open the week of November 9. We will continue to provide the latest information as it becomes available.
More information on this program can be found on DECD’s website.