Tailored to Connecticut’s Small Businesses and Nonprofits
The Connecticut Small Business Boost Fund is a new resource that will move your business forward.
Supported by the Connecticut Department of Economic & Community Development, the Connecticut Small Business Boost Fund links Connecticut small businesses and nonprofits to the financial support they need to thrive.
FLEXIBLE. PERSONAL. INVESTED.
The Connecticut Small Business Boost Fund gives small business owners access to flexible funding for capital expenditures and working capital and connects them with support services. It’s a personal, equitable approach to lending, because business owners are more than just numbers on a spreadsheet.
Small businesses and nonprofits can borrow between $5,000 and $500,000 depending on eligibility and need, and can choose how they spend the money — on equipment, payroll, utilities & rent, supplies, marketing & advertising, eligible refinancing, building renovations and other expenses. Loans are not forgivable. Businesses will need to pay back the full amount of the loan with interest over a 60- or 72-month term.
Need assistance with your loan application? Get more information on free business support resources.
Business owners who apply for loans through the Connecticut Small Business Boost Fund have the option of receiving free business guidance before, during and after the application process. Business support organizations can help with everything from application guidance to identifying and gathering the required documents, financial projections, cash flow management, business plans and credit improvement support. If a business is not successful in securing a loan, the business support counselor works with them to get them closer to being loan-ready so that they may have a successful application in the future.
An equitable approach to lending.
Many small businesses and nonprofits in Connecticut experience barriers to accessing financial resources. This is especially true for organizations in low-income areas, and those led by women and people of color. The Connecticut Small Business Boost Fund was created to provide access to working capital for those that need it most, in turn supporting a greater economic recovery for Connecticut.
No origination fees
Streamlined application process
Quick application approval timelines
Support in multiple languages
Borrow between $5,000 and $500,000 (subject to eligibility)
Fixed 4.5% interest rate
60-month repayment terms for loans less than $150,000; 72-month repayment terms for loans over $150,000
Business and nonprofits must have operations in Connecticut
Have no more than 100 full-time employees
Have annual revenues of less than $8 million
Businesses and nonprofits must have been in operation for at least 1 year prior to the date of application. A small amount of financing is available for start-up businesses
How is the Connecticut Small Business Boost Fund different from other loan programs?
Through the Connecticut Small Business Boost Fund, applicants can work directly with local community lenders that have extensive small business lending experience. It’s a one-stop shop for business owners, where they can get business support and guidance before, during and after the loan application process.
The Connecticut Small Business Boost Fund does not offer forgivable loans. This program is not associated with the federal Paycheck Protection Program (PPP), or any other SBA program, and loans are not guaranteed by the State of Connecticut. The business will need to pay back the full amount of the loan with interest over a 60- or 72-month term.
Don’t just solve today’s problems.
Prepare for the future.
Local community lenders committed to your success
Do you need more help?
We have partner organizations you can contact for support—whether for application assistance, translation services or business advice.
Funding for the Connecticut Small Business Boost Fund is arranged by Calvert Impact Capital, a global nonprofit investment firm.
This program’s online application and matching platform is hosted by Community Reinvestment Fund, USA, a national CDFI based in Minneapolis, MN.
Due to a limited amount of funding availability and the high volume of applications expected, it is anticipated that not all applicants will be able to receive a loan. Applications will be reviewed on a rolling basis and will be managed to support the program’s goals. The time it takes to process an application will depend on the volume of applications received by the matched community lender. Please note that submitting an application is not an indication of eligibility and does not mean that a loan will be approved or funded. Additional information will be requested in your application that will determine your eligibility for a loan. We recommend applying as soon as possible. All rates and loan terms may be subject to change. Loans available via this program are business loans only and not loans for personal, family or household purposes.