Straightforward,
low-interest loans

Tailored to Connecticut’s Small Businesses and Nonprofits

Small Business Boost Fund Colored Blocks

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.

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.

Apply Now

Apply now

No origination fees

Streamlined application process

Quick application approval timelines

Support in multiple languages

Loan Terms

Loan Terms

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

Eligibility

ELIGIBILITY REQUIREMENTS

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

Pursuit Logo
Ascendus Logo
NDC logo
Capital For Change Logo
Southeastern Connecticut Enterprise Region Logo
HEDCO Logo
CEDF Logo

Do you need more help?

We have partner organizations you can contact for support—whether for application assistance, translation services or business advice.

Sponsors

M&T Bank Logo
First Republic Bank
Citizens Bank Logo
Connecticut Department of Economic And Community Development Logo

Supporting Organizations

Calvert Impact Capital Logo

Funding for the Connecticut Small Business Boost Fund is arranged by Calvert Impact Capital, a global nonprofit investment firm.

CRF Logo

This program’s online application and matching platform is hosted by Community Reinvestment Fund, USA, a national CDFI based in Minneapolis, MN.

Disclaimer

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.