DECD: DECD Financing

Growing businesses need capital, and no state realizes and responds to that need better than Connecticut.  Whether the financing requirement is equity investment, fixed asset purchases of land, building acquisition, leasehold improvements, working capital, or the purchase of machinery and equipment, there are a multitude of financing programs available to support businesses large and small. 
State programs include direct funding from the Department of Economic and Community Development and Connecticut Innovations.  In addition, there is a network of local and regional revolving loan funds across the state to assist businesses with their financing needs.
DECD Financing       

Small Business Express Program 
The Small Business Express Program (EXP) provides loans and grants to Connecticut’s small business to spur job creation and growth. 
Incentive-driven direct loans for projects when there is a strong economic development potential. Eligible uses include:
  • Planning, including but not limited to: feasibility studies, engineering, appraisals, market studies and related activities
  • Acquisition of real property, machinery or equipment or any combination, provided such assistance does not exceed the fair market value
  • Construction of site and infrastructure improvements relating to a municipal or business development project
  • Construction/renovation/demolition of buildings
  • Relocation expenses for the purpose of assisting manufacturing or other economic-based businesses to locate, construct, renovate or acquire a facility
  • Working capital in conjunction with a business development project
  • Business support services such as labor training, day care, energy conservation, pollution control, recycling and the like, in conjunction with other state agencies
First Five Program
Governor Malloy’s First Five jobs initiative allows for substantial financial assistance for large-scale business projects to encourage business expansion, relocation and job creation. The assistance under this program may include up to 100% funding under the Manufacturing Assistance Act (MAA) and additional business tax credits.
First Five program guidelines:
  • An eligible business development project under the program must commit to (1) create not less than 200 jobs within 24 months from the date the application is approved or (2) invest not less than $25 million and create not less than 200 new jobs not later than five years after the date an application is approved.
  • The Commissioner of the Department of Economic and Community Development (DECD) may give preference to a business development project that is a redevelopment project if the Commissioner believes the project will create jobs sooner than either:
    • 24 months from the date of application if the company creates not less than 200 jobs or within five years from the date of application if the investment is not less than $25 million.
  • The DECD Commissioner may waive existing statutory caps on the amount of tax credits insurers may claim against the insurance premium tax.
  • The written consent of the Governor is required for financial assistance awarded through the program. Prior to the Governor’s approval, the DECD Commissioner must certify that the business development project applicant has satisfied all criteria in the program.
  • In order to expedite the approval process, eligible First Five projects are exempt from current laws requiring legislative approval for financial assistance or tax credits above the present statutorily specified amounts required for approval.
Participants to date include Cigna, NBC Sports, Alexion, ESPN, CareCentrix, Sustainable Building Systems, Deloitte, Bridgewater Associates, Charter Communications, Navigators, Pitney Bowes, EDAC and Synchrony Bank.
For more information, contact Patricia Paesani at 860-270-8215 or
Financing Partners
Regional Lending Partners