Small Business Boost Program
CT Small Business Boost Program
The CT Small Business Boost Fund is a new resource to help small downtown & Main Street businesses move forward.
Supported by the Connecticut Department of Economic & Community Development (DECD), the Connecticut Small Business Boost Fund links small businesses and non-profits to the financial support they need to thrive.
The CT Small Business Boost Fund gives small business owners access to flexible funding for capital expenditures and working capital and connects them with support services.
- Small businesses and non-profits can borrow between $5,000 – $500,000 depending on eligibility and need.
- Businesses can choose how they spend the money — on equipment, payroll, utilities & rent, supplies, marketing & advertising, eligible refinancing, building renovations and other expenses.
- Loans are not forgivable. Businesses will need to pay back the full amount of the loan with interest over a 60- or 72-month term.
- No origination fees
- Streamlined application process
- Quick application approval timelines
- Support in multiple languages
- Borrow between $5,000 and $500,000 (subject to eligibility)
- Fixed 4.5% interest rate
- 60-month repayment terms for loans less than $150,000; 72-month repayment terms for loans over $150,000
- Business and nonprofits must have operations in Connecticut
- Have no more than 100 full-time employees
- Have annual revenues of less than $8 million
- Businesses and nonprofits must have been in operation for at least 1 year prior to the date of application. A small amount of financing is available for start-up businesses