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Where's the Money?
Where to find business financing resources
Connecticut is home to a large number of organizations and initiatives designed to help small and mid-sized companies gain access to capital throughout Connecticut. Here is a partial listing of regional and state sources.
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Business New Haven
9/20/1999
By: BNH
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The most comprehensive source of information on a broad array of federal and local programs is the Connecticut Economic Recource Center (CERC). Call 800-392-2122 or visit its Web site at www.cerc.com. Another local source is the Regional Business Resource Center in New Haven, directed by Richard Schwenzer. Call 203-624-1493.
One of the missions of the U.S. Small Business Administration (SBA) (www.sba.com) is to help entrepreneurs start sucessful small businesses. It has offices in every state and offers training, financing and advocacy for small firms. The SBA offers several loan programs for businesses which are independently owned and operated and meet the size requirements set by the SBA (e.g., fewer than 500 employees). The SBA's Hartford district office, which serves the state, can be reached at 860-240-4700.
SBA 'Micro-Loan' Program - This program was created to increase the availability of modest loans to prospective small-business borrowers by working through intermediaries. Loan amounts range from $100 to $25,000 and rates typically do not exceed four points over the prime rate. Almost all for-profit businesses meeting SBA eligibility requirements are qualified.
SBA 504 Program - Offers long-term, fixed-asset financing to small businesses for the acquisition, construction, expansion or renovation of land and buildings. To be eligible, a company must be a for-profit corporation with a net worth not exceeding $6.5 million. Eligibility based on employment or sales volume.
Naugatuck Valley Loan Fund - Provides manufacturers and distributers in the Naugatuck Valley area matching funds to a bank loan on a 2:1 basis for land, buildings and term working capital. No minimum; maximum loan is $200,000. Call 203-596-8862. Serves businesses in Ansonia, Prospect, Beacon Falls, Seymour, Bridgeport, Meriden, Shelton, Milford, Stratford, Cheshire, Naugatuck, Trumbull, Derby, Waterbury, New Haven, Fairfield, West Haven, Hamden and Oxford.
Defense Diversification & Adjustment Revolving Loan Fund (DDARLF) - Provides financing to southern New Haven County businesses which have been impacted negatively by defense cutbacks. Typically, financing is gap funding in conjunction with a financing partner. Average DDARLF loan is $100,000; minimum loan amount is $25,001. Eligible businesses must be located in Bethany, Branford, East Haven, Guilford, Hamden, Madison, New Haven, North Haven, North Branford, Orange, West Haven or Woodbridge.
Department of Economic & Community Development - Offers programs to help improve businesses and strengthen communities through investment, job opportunities and affordable housing. Located at 505 Hudson Street, Hartford 06106. Call 860-270-8000 or visit www.state.ct.us/ecd/index.htm.
Connecticut Development Authority (CDA) - Provides financing by way of direct loans, revenue bonding and loan guarantees to businesses in Connecticut in order to create and maintain jobs. Manufacturing, research and product warehousing have priority. Located at 999 West Street, Rocky Hill 06067. Call 860-258-7800 or visit www.state.ct.us/cda. Serves Ansonia, Bridgeport, Derby, East Haven, Hamden, Meriden, Middletown, New Haven, New London, Seymour, Stratford, Waterbury, Watertown and West Haven.
Connecticut Works Loan Guarantee Program - Encourages lenders to extend credit to businesses to promote economic growth. Statewide program has maximum loan of $10 million. Many small and mid-sized businesses which are able to repay the debt but cannot obtain conventional financing, may be eligible for this program. Call 860-258-7800.
Entrepreneurial Loan Program - Provides start-up loans to entrepreneurs otherwise lacking access to capital. Statewide availability through People's Bank; maximum loan amount $100,000. Contact the Entrepreneurial Center at 955 Main Street, Bridgeport 06604. Call 203-382-5582.
Connecticut Business Development Corp. (CBDC) - Under the SBA's 504 program, CBDC provides low-down-payment, long-term, fixed-rate financing to businesses for fixed assets. Statewide availability; no loan maximum. Businesses with fewer than 500 employees are eligible. Call 860-258-7855 or visit www.state.ct.us/cda/prog504.htm.
Enterprise Center - Seeks to help small businesses get launched in the New Haven area. With support from Yale, the United Illuminating Co. and New Haven Savings Bank, the Enterprise Center is currently working with about 35 companies. Contact 203-432-7546.
Connecticut Business Training Networks - Will help small companies organize more effectively take advantage of training and education programs offered by the state. Grants are offered over the three phases of the program. For more information, call 860-244-1900 or visit www.cbia.com or www.cerc.com.
Connecticut Venture Group - A non-profit membership organization that brings Connecticut entrepreneurs and investors together. Call 203-333-3284.
Comunity Economic Development Fund (CEDF) - Underwrites loans of $5,000 to $500,000 to small businesses and mixed-use property-owners. Eligibility depends on business location, prospects of success and community impact. Bridgeport office: 955 Main Street (203-332-7600). Hartford office: 50-G Weston Street (860-249-3800). Serves Ansonia, Beacon Falls, Bridgeport, Derby, East Haven, Hamden, Meriden, Middletown, Milford, Naugatuck, New Haven, Seymour, Stratford, Wallingford, Waterbury and West Haven. The following banks have committed to the CEDF program: BankBoston, Chase, First Union, Fleet Bank, People's Bank.
Bridgeport Economic Development Corp. (BEDCO) - 203-335-3800
Meriden Economic Development Corp. (MEDCO) - 203-238-6458
New Haven Community Investment Corp. (NHCIC) - 900 Chapel Street (203-776-6172) or 165 Church Street (203-787-6023)
Connecticut Small Business Development Centers
SBDB Headquarters
University of Connecticut
2 Bourn Place (U-94)
Storrs 06269
860-486-4135
Bridgeport SBDC
Bridgeport Regional Business Council
10 Middle Street (14th Floor)
Bridgeport 06604
203-330-4813
Middletown SBDC
Middlesex County Chamber of Commerce
393 Main Street
Middletown 06457
860-344-2158
Stamford SBDC
Southwest Area Commerce & Industry Association (SACIA)
1 Landmark Square
Stamford 06901
203-359-3220
Danbury SBDC
Greater Danbury Chamber of Commerce
72 West Street
Danbury 06810
203-743-5565
Groton SBDC
UConn/Administrative Building Room 300
1084 Shennecossett Road
Groton 06340
860-405-9002
New Haven SCDC
Greater New Haven Chamber of Commerce
900 Chapel Street, (10th Floor)
New Haven 06510
203-782-4390, ext. 190
Waterbury SBDC
100 Grand Street
Waterbury 06702
203-757-8937
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