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Finding The Money
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Business New Haven
10/15/2001
By:
BNH
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Regional and State Sources of Capital
Connecticut Economic Resource Center (CERC) offers the most complete source of information on an array of federal and local programs. Contact 800-392-2122 or visi www.cerc.com. A local source is the Regional Business Resource Center in New Haven, directed by Richard Schwenzer, at 203-624-1493.
U.S. Small Business Administration (SBA) created to help entrepreneurs start successful small businesses. It has offices in every state and offers training, financing and advocacy for small firms. It offers several loan programs for businesses that are independently owned and operated and meet the size requirements established by the SBA. Visit www.sba.gov. The state of Connecticut is served by the SBA Hartford District, contact 860-240-4700 or visit www.sba.gov/ct/.
SBA Micro-Loan Program provides small loans from $500 to $35,000 to start-up, newly established or growing small businesses through two intermediaries; Connecticut Community Investment Corporation, call 203-776-6172 ext. 22 or visit www.ctcic.org and Community Economic Development Fund, call 800-656-4613.
The SBA 504 Program Program offers long-term, fixed-asset financing to small businesses for the acquisition, construction, expansion or renovation of land and buildings, machinery and equipment. To be eligible, a company must be a for-profit corporation with a net worth not exceeding $6,000,000. Loans cannot be made to businesses engaged in speculation or investment in rental real estate. Financing available up to 90% and the program is available in every county in CT except Fairfield and Litchfield. Contact 203-776-6172, ext. 22 or visit www.ctcic.org.
The Naugatuck Valley Loan Fund provides manufacturers and eligible wholesale distributors in certain Connecticut communities with matching funds for the purchase of land or buildings, construction, renovation, rehabilitation, and/or the purchase and installation of machinery and equipment. Maximum loan amount is $200,000 with a 2:1 match of funds to a bank loan. Contact 203-805-6378.
The Defense Diversification & Adjustment Revolving Loan Fund (DDARLF) provides financing to eligible businesses adversely impacted by defense cutbacks. Financing is typically gap-funding in conjunction with a financing partner. The average loan is $100,000 with the minimum loan being $25,001. Eligible businesses must be located in Bethany, Branford, East Håaven, Guilford, Hamden, Madison, New Haven, North Haven, North Branford, Orange, West Haven or Woodbridge. Contact 203-776-6172 or visit www.ctcic.org.
The Connecticut Health and Educational Facilities Authority (CHEFA) issues tax-exempt bonds to qualified non-profits, including but not limited to colleges, universities, hospitals and nursing homes. CHEFA also manages three child care loan funds for projects ranging from less than $10,000 to $1 million. Contact 800-750-1862 or visit www.chefa.com.
The Connecticut Department of Economic & Community Development (DECD) offers programs to help improve businesses and strengthen communities through investment, job opportunities and affordable housing. It's at 505 Hudson Street, Hartford, 06106. Contact 860-270-8000 or visit www.state.ct.us/ecd.
The 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. Serves businesses in Ansonia, Bridgeport, Derby, East Haven, Hamden, Meriden, Middletown, New Haven, Seymour, Stratford, Waterbury and West Haven. Headquartered at 999 West Street, Rocky Hill, 06067. Contact 860-258-7800 or visit www.state.ct.us/cda.
Connecticut Works Loan Guarantee Program encourages lenders to extend credit to businesses to promote economic growth. Statewide program has a maximum loan of $10 million. Many small and mid-sized businesses that are able to repay the debt, but cannot obtain conventional financing, may be eligible for this program. Contact 860-258-7800 or visit www.state.ct.us/cda.
The Entrepreneurial Loan Program provides start-up loans to entrepreneurs otherwise lacking access to capital. Eligible applicants must be Entrepreneurial Center clients in good standing and meet requirements of training program with complete written business plan. Statewide availability through Urbank; maximum loan amount $500,000. Contact the Entrepreneurial Center at Hartford College for Women, 50 Elizabeth Street, Hartford 06105. Call 860-768-5681 or visit www.entrepreneurialctr.org and www.onlinewbc.org.
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 CBDC 860-258-7855 or visit www.state.ct.us/cda/cdaprogs.htm.
The Enterprise Center seeks to help small businesses get launched in and around New Haven. With support from Yale University, the United Illuminating Co. and New Haven Savings Bank, the Enterprise Center is currently assisting three dozen companies. Contact 203-432-7546.
Connecticut Business Training Networks will help small companies organize themselves to more effectively take advantage of training and education programs offered by the state. Grants are offered over the three phases of the program. Call 860-244-1900 or visit www.cbia.com or www.cerc.com.
The Community Economic Development Fund (CEDF) underwrites loans of $5,000 to $250,000 to small businesses and mixed-use property owners. Eligibility depends on business location, prospects of success and community impact. Bridgeport office: 10 Middle Street 203-335-1562. Hartford office: 50-G Weston Street (800-656-4613). New Haven office: 900 Chapel Street, 10th floor (203-782-4377). Also, Ansonia, Bridgeport, Derby, East Haven, Hamden, Meriden, Middletown, Milford, Naugatuck, New Britain, New Haven, Seymour, Stratford, Waterbury, West Haven. Following banks have committed to CEDF program: Chase, First Union, Fleet Bank, People's Bank, New Haven Savings Bank, Webster Bank, Citizens Bank.
The Bridgeport Economic Development Corp. (BEDCO) is a non-profit development corporation that develops and manages programs and projects that foster business development, community reinvestment and neighborhood revitalization. Contact 203-335-3800 or www.brbc.org.
Technology Investment Fund provides seed financing with other venture capital groups to businesses located or willing to locate in New Haven. Contact 203-776-6172 or visit www.ctcic.org.
Child Care Facilities Micro-Loan Fund loans child care facilities up to $25,000 at 9% fixed rate of financing. Program is available statewide with free technical assistance provided to buyers. Contact 203-776-6172 or visit www.ctcic.org.
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