Resources for Small Businesses

Community Advantage Recovery Loans

The U.S. Small Business Administration (SBA) is offering a new financial assistance loan expressly for existing small and start-up businesses in underserved areas through the Community Investment Corporation (http://ciclending.com/) in Connecticut.

This loan program offers financial and technical assistance to help small businesses adapt to changing business conditions in the COVID-19 environment and strengthen their ability to manage through potential future disruptions.

The technical assistance portion consists of fifteen hours (15) of required advising, which must be completed during the first six months of the loan term. It can include such topics as business planning, financial management strategies to build cash reserves and reduce expenses, operations management, and marketing and e-commerce, based on the business’ needs.

What Businesses Need to Know:

  • Allowable Uses: Working capital, inventory, equipment, and real estate purchases
  • Loan Amount: $50,000 to $250,000
  • Loan Term:
    • Minimum 5 years
    • Maximum 10 years for working capital & equipment, 25 years for real estate
    • 10% minimum down payment
  • Interest Rate: Maximum Prime + 6%
  • Collateral Required: All loans shall be secured by available assets of the borrower and its principals to the extent necessary to protect the interests of the lender
  • Have until September 27, 2020 to be approved, with a full disbursement of no later than October 1, 2020

Wondering if this loan is right for your business?

Please reach out to your CTSBDC business advisor to discuss program specifics as well as additional financing options. The SBA will cover the payment of principal, interest, and other fees for the first six months.

To apply for the Community Advantage Recovery Loan: Contact the Community Investment Corporation at http://ciclending.com/contact-us/

Connecticut Economic Development Fund
https://weteachsuccess.org/

They have a new website with easy to access podcasts and articles to educate small business owners such as “Amaze Yourself by Learning to Use Google Analytics,” Covid Era Legal Landmines for Small Business Owners,” and “Easy Steps to Get Started with Email Marketing.”

State of Connecticut

On Wednesday, July 29, Governor Ned Lamont announced the launch of business.ct.gov – an online, one-stop-shop where entrepreneurs can easily find information and quickly create a checklist with everything required to start up or manage their business in Connecticut. The online service will make it easier to do business in the state, support small business owners as a partner in their success, and improve citizens’ interactions with state government.

The governor explained that the portal aims to prevent businesses from needing to navigate the sometimes complex nature of state government by merging many of their common needs into one simplified location online. When completing transactions through the portal, users will be interacting with several state agencies all in one seamless interaction, allowing them to get their work done quicker.

This new website provides

Connecticut Small Business Development Center

Informative webinars available to view on demand

https://ctsbdc.com/category/on-demand-webinars/

 

SCORE of Greater New Haven

On this page you’ll find instructor-led training offered in a SCORE office or online. You can also find interactive courses to help you learn new business strategies.

https://newhaven.score.org/content/take-workshop-266