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Business Planning & Financial Assistance
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Business New Haven
10/9/1995
By: BNH
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Business Assistance
Connecticut Department of Economic Development, Connecticut Economic Resource Center 800-392-2122. The grandfather of business information and help in Connecticut. If you can't find it or if you need any kind of help for your business, call the Connecticut Economic Resource Center.
A nonprofit, private-sector partner of the state's Department of Economic Development (DED), CERC functions as a one-stop information gateway directing businesses to public and private sector economic services and programs. Funded by 11 utility partners without any state aid, the center provides its services without charge. Although CERC functions chiefly as a referral service, director of marketing Michael Leahy says: “Our service representatives have a wealth of experience, and a lot of calls don't have to be referred anywhere else. Our mandate is to create leads for the DED to get businesses and people into the system.”
CERC has already handled more than 30,000 calls from both Connecticut-based businesses and out-of-state firms. CERC representatives will also answer questions in person. A variety of forms and documents can be mailed directly from CERC. Call 800-392-2122.
Business Outreach Centers (BOC) and Connecticut Small Business Development Centers (CSBDC). BOCs provide planning, loan packaging, technical, management and training services. They'll critique your business plan, free of charge, or they'll guide you through the process of putting one together for a modest fee. CSBDCs provide counseling and training programs in all areas of business management. They're staffed by professional counselors, faculty and members of the business community. CSBDCs can advise you on business operations, financial planning and obtaining financing. Note: Centers are sometimes housed within other organizations. When you call, be sure to ask for the Small Business Development Center or the Business Outreach Center.
For businesses in serious financial need: The Community Accounting Aid Service (CAAS) provides accounting, record-keeping, spreadsheets and financial analysis. To qualify, you must be a small-business owner and CSBDC client. You must have a genuine need for assistance and be unable to pay for services. You may not already employ an accountant. Get a referral from your CSBDC counselor and set up an appointment. Contact Richard Rogers, CAAS/CSBDC, 1800 Asylum Avenue, West Hartford 06117 203-241-4984.
(BOCS) Bridgeport area 203-334-2035
New Haven area 203-786-5443
Waterbury/Naugatuck area 203-757-8937
SBCDs At:
Bridgeport Regional Business Council
P.O. Box 999, 10 Middle Street
Bridgeport 06601 203-335-3800
University of Bridgeport
126 Park Ave.
Bridgeport 06601 203-576-4538
University of Connecticut
Greater Hartford Campus
1800 Asylum Ave.
West Hartford 06117 203-241-4986
Middlesex County Chamber of Commerce
393 Main Street,
Middletown 06457 203-344-2158
Greater New Haven Chamber of Commerce
195 Church Street
New Haven 06506 203-773-0782
University of Connecticut
Adm. Bldg., Rm. 308, Avery Point
Groton 06340 203-449-1188
Greater Waterbury Chamber of Commerce
P.O. Box 1469
Waterbury 06702 203-57-0701 FAX 203-756-3507
Business and Industry Service Network, Community-Technical Colleges, 61 Woodland St., Hartford 06106 203-725-6619
Center for Venture Management and Entrepreneurial Studies (CVM) Business Development Unit, 207 Bryant Hall, University of Bridgeport, Bridgeport 06601 203-576-4538 FAX 203-576-4638
MIT Enterprise Forum of Connecticut ,Hartford Graduate Ctr., 275 Windsor St. Hartford 06120 203-549-5290 Contact: John Linderman
Service Corps of Retired Executives (SCORE), Bridgeport 203-335-3800; New Haven 203-865-7645; Old Saybrook 203-388-9508
Entrepreneurial Woman's Network, 578 Post Road East, Suite 646, Westport 06880 203-222-3404
University of New Haven Center for Family Business, Executive Director Michael Camerota, West Haven 203-932-7421
UConn Connecticut Family Business Program, Executive Director Steven Floyd, Storrs 203-486-3389
The Management Center, Teikyo Post University, Executive Director Judith Slisz, Waterbury 203-596-4680
Finance/Financial Assistance
Connecticut Development Authority (CDA), 845 Brook St., Rocky Hill 06067 203-258-7800 FAX 203-257-8331
Connecticut Innovations, Inc. (CII), 40 Cold Spring Rd., Rocky Hill 06067 203-563-5851 FAX 203-563-4877
Connecticut Seed Ventures Group L.P. (CSV), 200 Fisher Dr., Avon Park North, Avon 06001 203-677-0183 FAX 203-677-0588
Connecticut Venture Group, P.O. Box 569, 112 West Main St. Avon 06001 (chapters in Hartford, Bridgeport, New Haven and Stamford) 203-676-2401 FAX 676-0405
U.S. Small Business Administration Offers financing for business start-ups and new product development. Will guarantee bank financing for small businesses. Variety of programs, including real estate and equipment acquisition, export assistance and working capital. New low documentation program, features a short form application for loans under $100,000. Top SBA lenders in New Haven are Lafayette American Bank & Trust Co., Bank of New Haven, People's Bank, Centerbank, First Federal Bank and Chase.
Small Business Administration, Hartford 06106 203-240-4700/4659 FAX 203-838-5714
Innovation Research Program, (for SBIR Pre-Solicitations) 202-205-7777
Connecticut Works Loan Guarantee Program is one of the largest loan-guarantee programs in the nation, with $1 billion available for business development. 800-392-2122
Connecticut Small Business Reserve Fund/URBANK Programs. Designed to encourage business investment. CDA guarantees portion of bank financing to businesses in many communities throughout New Haven County. Offers insured small business loans through local participating banks. 800-392-2122
Connecticut Economic Development Foundation. A partnership of the state and Connecticut financial institutions to provide financing for a range of projects in certain targeted investment and public investment communities throughout the State. The underlying vision is to support business development in a comprehensive neighborhood investment strategy. 203-332-7600 or 800-392-2122.
Other CDA financing programs provide supplemental financing in the form of direct loans, loan and mortgage guarantees and self-sustaining bonds. Programs have funding limits. In general, small businesses get first priority. 800-392-2122
State Set-Aside Programs for Small Businesses and Firms Owned by Women or Minorities.. By state law, 25 percent of all state purchases of goods and services must be set aside for small firms (i.e., less than $10 million in gross annual revenues). Moreover, a quarter of this 25 percent must be set aside for firms owned by minorities, women and the physically challenged. DED certifies companies as eligible set-aside contractors, and monitors compliance by state agencies. They're required annually to establish and meet goals based on the law. 800-392-2122
Higher Education Assistance Grants. Connecticut Innovations Inc. CII offers Yankee Ingenuity Initiative Grants to public and private universities for high-tech research, development and instruction
Connecticut Programs Fund, State of Connecticut Office of the Treasurer. A portion of state pension funds is invested in the Connecticut Programs Fund, which provides venture capital, including minority-focused venture capital, mezzanine financing and funds for restructuring. Venture Capital/General 203-777-1440; Venture Capital/Minority & Women-Owned Businesses 203968-9753; Mezzanine Capital 617-557-6000; Restructuring 203-363-2035
Microloan Program. This federal program aids businesses hit hard by the credit crunch, including those owned by women, minorities and people with low incomes. Provides loans from $100 to $25,000, which must be personally secured. Loans of $15,000 or more require a rejection letter from a bank. Start-up businesses will be considered, but only with a complete business plan. Microloan administrators provide marketing, management and technical assistance. Call the New Haven Community Investment Corporation (NHCIC) Faron Lawrence and John Torello 203-776-6172
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