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.
Small Business Express Program
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:
Participants to date include Cigna
, NBC Sports
, Sustainable Building Systems, Deloitte
, Bridgewater Associates, Charter Communications
, Pitney Bowes
, EDAC, Synchrony Bank
and Henkel Corporation
Regional Lending Partners
NORTH CENTRAL REGION
SOUTH CENTRAL REGION