As the economy continues to put pressure on Connecticut’s business community, particularly the small business community, Connecticut’s Department of Economic and Community Development (DECD) designed its Small Business Express Program (SBEP) to support small businesses, spur job creation and encourage growth by issuing loans and grants quickly. The SBEP includes the following:
The Small Business Express Revolving Loan Fund provides loans from $10,000 to $100,000 for such investments as acquisition of machinery and equipment, construction, relocation within the state, working capital, or other business-related expenses authorized by the DECD Commissioner. Interest rates range from zero to four percent, and the loan term is five years.
The Small Business Job Creation Incentive Program provides deferred loans from $10,000 to $250,000 to cover training, marketing, working capital, or other business-related expenses authorized by the DECD Commissioner. “Deferred” means that DECD may forgive all or part of the loan if the business attains certain job creation goals. The Small Business Creation Matching Grant Program provides grants from $10,000 to $100,000 for such things as acquisition of machinery and equipment, construction, training, working capital, relocation within the state, or other business-related expenses authorized by the DECD Commissioner. The grant is a matching grant, so the recipient must match the grant funds on a 1-to-1 ratio.
Please see full alert below for more information.
Please see full publication below for more information.
