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Governor Lamont and Commissioner Daum Highlight First Anniversary of Connecticut Small Business Boost Fund [[link removed]]
Posted on July 28, 2023
(HARTFORD, CT) – Governor Ned Lamont and Connecticut Department of Economic and Community Development Commissioner Alexandra Daum today announced that on the one-year anniversary of its launch, the Connecticut Small Business Boost Fund [[link removed]] has provided support to more than 300 small businesses and nonprofits statewide, including through the release of more than $39 million in low-interest loans.
The public-private partnership, which Governor Lamont launched in July 2022 [[link removed]], provides low-interest loans and technical assistance to small businesses and nonprofits, providing them with access to flexible funding for capital expenditures and working capital to help them grow and thrive. The loans have a fixed, 4.5% interest rate and range from $5,000 to $500,000. Designed to reach historically under-resourced and underbanked communities, 50% of the funds are supporting minority, woman, disabled, and veteran-owned businesses, and as well as businesses located in distressed municipalities.
The Small Business Boost Fund is a one-stop shop for businesses and nonprofits, whether they need financing or free business guidance. Advisors are at the ready to dive into business operations and lend support with business planning, financial analysis, marketing and sales and other research.
“This unique program provides access to low-interest loans to small business owners in the state, providing them with the working capital they need to grow and thrive,” Governor Lamont said. “In particular, we created this fund to support those who previously experienced barriers to accessing financial support. By partnering with community lenders that are dedicated to equitable lending practices, we can help support the continued growth of businesses in Connecticut.”
“We are thrilled to have provided so many small businesses and organizations that otherwise may face difficulties accessing financial support with the capital they need to grow and thrive, and I know there are many more across the state that could benefit from the program,” Commissioner Daum said. “With interest rates on the rise, I strongly encourage anyone interested in a small business loan to apply for a fixed, low-interest rate loan through the Small Business Boost Fund.”
The fund, which represents a new approach to economic development in the state, was created through a public-private partnership. The state made a foundational investment of $75 million with the goal to lend $150 million or more to eligible businesses and nonprofits.
Small businesses and nonprofits can apply online at CTSmallBusinessBoostFund.org [[link removed]]. If they qualify, applicants will be matched through a lender. The fund works with and through local community development financial institutions (CDFIs) with decades of experience in the state’s communities and serving these constituencies. The CDFIs include Ascendus, Capital for Change, CEDF, HEDCO, NDC Community Impact Loan Fund, Pursuit and Southeastern CT Enterprise Region (SeCTer).
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