Governor Lamont Announces New $150 Million Loan Program for Connecticut Small Businesses and Nonprofits – CT.gov

by | Jul 25, 2022 | Business

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07/25/2022
Governor Lamont Announces New $150 Million Loan Program for Connecticut Small Businesses and Nonprofits
Public-Private Partnership Will Support Organizations in Historically Underserved Communities
(HARTFORD, CT) – Governor Ned Lamont today announced the launch of the Connecticut Small Business Boost Fund, a public-private partnership that provides low-interest loans to small businesses and nonprofits in Connecticut. Applications are now being accepted for loans ranging from $5,000 to $500,000.
The program is aimed at helping small businesses and nonprofits, particularly those in low-income and historically underserved communities, with access to flexible working capital. The loans have a fixed, 4.5% interest rate and are available to eligible small businesses and nonprofits with operations in Connecticut that have 100 or fewer full-time employees and annual revenues of less than $8 million.
“We’re thrilled to launch the Connecticut Small Business Boost Fund, a new collaboration with private sector partners and investors that will provide companies and nonprofits the working capital they need to grow and thrive,” Governor Lamont said. “This fund was established to support small business owners who may have previously experienced barriers to accessing financial support and works with and through community lenders that are dedicated to equitable lending practices.”
The state is making a foundational investment of $75 million into this public-private partnership, which aims to lend $150 million or more to eligible business and nonprofits. The goal is for the fund to become self-sustaining as more private funds are invested.
Small businesses and nonprofits can apply online at CTSmallBusinessBoost …

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