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Tag: Small Business

Sagers & Associates LLC

Sagers & Associates LLC

assess. strategize. implement

Our goal is to help you increase your revenue potential and reduce your cost of doing business through operational and technology change.

Sagers & Associates has developed an integrated approach to help you strategize and execute organizational, process and technology transformation, to meet the demands of your new world.


Services include: Economic development & equity in Greater Hartford

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Dave Sagers, Owner
178 Four Mile Road
West Hartford, CT 06107

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The investment platform for Main Street.

Mainvest supports local small business ecosystems by allowing the community to invest directly into local small businesses while providing access to capital on friendly terms for entrepreneurs. proven Four Point Main Street Approach: sustainable and inclusive development practices; project management; and community engagement.


Services include: Fundraising, Community & Economic Development, Small Business Development

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Nicholas Mathews, CEO / CoFounder
54 Ashland Street
Newburyport, MA 01950

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CSMC Webinar: Secrets to Success – CT Small Business Boost Fund

CMSC Webinar

Secrets to Success: CT Small Business Boost Program

Webinar Summary

In this webinar presenter Marlon Samuels gives us a a behind-the-scenes look at the Connecticut Small Business Boost Fund, a new resource for Connecticut’s small businesses supported by the Connecticut Department of Economic and Community Development.

This webinar builds on our prior webinar, Funding Your Main Street which offered an overview of the program. 

With loans ranging from $5,000 – $500,000, no origination fees, a low interest rate, and a focus on underserved business owners, the CT Small Business Boost Fund is a flexible program with quick turnaround that can help many Main Street businesses get the capital they need.

Presentation Highlights

  • Program details

    Marlon Samuels from Pursuit Lending provided the following information which is based on how Pursuit underwrites their CT Small Business Boost Loans. The program’s other participating lenders may have different underwriting criteria. 

    • The amount ultimately loaned to a business is based on several factors such as the business’s revenue, years in business, and size.
      • Businesses under 1 year old have loans  capped at $100,000
      • Businesses over 1 year old can have loans as high as $500,000
      • Loans over $100,000 have a 6 year-repayment term, while loans under $100,000 have a 5-year repayment term
    • With regard to underwriting the loans, the program is more focused on cash flow analysis
      • Debt service coverage ratio is 1.15%
      • Usually based off previous tax year
      • For businesses that hadn’t recovered yet in 2021 (perhaps due to a shut down), they will also look at 2022 interim financials. 
    • A minimum credit score of 640 is required, however, the program allows some flexibility to the lender to make decisions about waiving this requirement. For Pursuit, it’s less about the score itself than what’s driving it.
      • For example, one loan applicant had a score in the 500s, but it was great (in the high 700s) until Covid. That’s because she was late on her bills rather than layoff any of her employees. Because of her prior good credit and actions during Covid, Pursuit was able to still provide her with a loan.
      • Pursuit also allows borrowers to have an guarantor to offset their credit score. They’ll average the applicant’s credit score with the guarantor’s. The guarantor doesn’t have to be a person with ownership interest in the business or someone in your household. But they do have to have income, good credit score and be willing to take on the risk.
    • Who is the loan fund good for?

      • This program is great for small businesses that don’t fit traditional financing, especially since this is a much better rate than they’d get elsewhere, or even at prime rate. A lot of underserved businesses get stuck in a cycle of borrowing to cover debt but this program can help small businesses take on debt that’ll help them grow.
      • CT Small Business Boost Fund loans are ideal for businesses seeking financing for:
        • Working capital & inventory
        • Equipment purchases
        • Leasehold improvements
        • Debt refinance
        • Payroll
        • Utilities
        • Rent
    • Streamlining the Process & Common Obstacles

      How to Streamline the Application Process

      Marlon Samuels recommends small business applicants take the following steps to streamline the application process.

      • Pre-Application
        • Gather the needed documents before applying. You can work with a technical assistance provider like the CT Small Business Development Center (SBDC) for free. 
      • Post-Approval Most of the obstacles Pursuit is seeing are happening in this phase.
        • After you’re approved, you’ll receive a commitment letter from the lender, telling you the amount you’ve been approved for, along with a DOL release forms. It’s important to sign and return the documents as this starts the closing process.
          • Your commitment letter may be less than you requested, or it may be more than you want. For instance, you may have asked for $200,000 but only been approved for a $100,000 loan. Or you may have been approved for a $100,000 loan, but you only need $50,000 right now. You can accept up to the approved $100,000 loan amount. 
        • The small business owner needs to get a tax status letter. This has been a challenge for a lot of people, because some are getting letters saying they owe taxes. It’s important to note that at the beginning of the program, it was required the applicant completely pay off the taxes. Now it may be that they just need to show proof of a payment plan or have made 3 consecutive payments.
        • There will be a site visit conducted by a third party to verify the business operations.
        • A Confirmation of Good Standing Letter is needed from the Department of Labor
        • Business owners will have to present a Valid Operating License, depending on the type of business (i.e. a restaurant or daycare).
        • A Certificate of Legal Existence is also required. Business owners can request this from the CT Secretary of State as soon as they begin the application process. It’s good for 90 days.

      Approval to Funding Timeline

      The time is takes from approval to funding depends on each case, and usually depends on 2 factors:

      • Responsiveness of the applicant
      • Whether there any challenges getting the documents needed.

      From the lender’s perspective, it takes about 1 week to make a decision on an application.

      • Within the first 24 hours they do a quality check – are all the needed documents there?
      • Then it’s another 9-10 days to close, however it can take weeks, usually due to the same 2 factors: how quickly applicants respond and getting the necessary documents.
      • Some common barriers to closing include:
        • Businesses owing taxes 
        • The Department of Labor not providing verification. This could be because a business isn’t registered with DOL, or because the business owes employment-related taxes. 
        • Language and/or technical barriers, for instance, having trouble with the all-electronic application process.
        • Delay in identifying and submitting currenting licenses or tax status letters
        • Delay in signing documents

      A closing representative can help with these issues and answer questions the applicant may have.

    • A Main Street Perspective

      Carl Rosa, Connecticut Main Street Center Field Services Director describes how downtown businesses can use program funds.

      • Common uses for the CT Small Business Boost funds for businesses on Main Street:
        • Façade improvement – if your program requires a match, this program could provide the match for things such as lighting, window displays, etc.
        • Signage
        • Awning installation
        • Exterior lighting
      • Restaurant uses for the funds can include:
        • New kitchen or equipment/upgrades. 
          • During the pandemic, restaurants that could offered outside eating. These funds could help maintain and expand these outside eating features, for instance modular outdoor dining set ups.
        • Payroll support through slow seasons
      • Retail examples include:
        • Acquiring seasonal inventory or new products/services
        • Marketing and advertising, including a new website
        • Window displays – funds can be used to hire a professional to design a window display or improve lighting
        • Upgrade security equipment
      • Services-Based or Non-profits uses include:
        • Leasehold renovation and office set up
        • Onboarding a new software system
        • New website
      • It’s best to talk with your Main Street businesses to see what they need, suggest possible uses and discuss whether the Small Business Boost Fund is a good fit for them.
    • Additional Questions

      • What does the portal matching process look like?
        • Each lender can have their own underwriting criteria, for instance different credit scores. There’s a series of questions when you go in the portal, and depending on how you answer, you’ll be matched with one or more lender.
        • If you’re matched with more than one you can choose who you want to work with. There’ll be a write up and timeframe to closing provided for each lender.
        • If you don’t match any lenders, you’ll only see technical assistance providers listed. It’s their job to help the business owner understand why they weren’t matched, as it could be as simple as not filling out the form properly.
      • The CT Small Business Boost Fund is not like the PPP fund – the Boost funds are not running out, so businesses can and should take the time to connect with the technical assistance professional to make sure your paperwork is complete.

    View the Recording

    About the Presenters

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    CSMC Webinar: Funding Your Main Street – CT Small Business Boost Fund

    CMSC Webinar

    Funding Your Main Street: CT Small Business Boost Program

    Webinar Summary

    The Connecticut Small Business Boost Fund is a new resource for Connecticut’s small businesses supported by the Connecticut Department of Economic and Community Development.

    With loans ranging from $5,000 – $500,000, no origination fees, a low interest rate, and a focus on underserved business owners, the CT Small Business Boost Fund is a flexible program with quick turnaround that can help many Main Street businesses get the capital they need.

    It is funded through a public-private partnership, with funds provided by the Connecticut Department of Economic & Community Development (DECD) and six private banks.

    Presentation Highlights

    • How the loans work

      Kevin Gremse, NDC

      • NDC is a Community Development Financial Institution (CDFI) that provides lending for the CT Small Business Boost Program. The program is public/private partnership, meaning it is capitalized by a combination of state and private bank funds. This type of loan model is active in 18 states throughout the country.
        • There are currently six CT banks funding the program: M&T Bank, Key Bank, First Republic Bank, Webster Bank, and Citizens Bank.
        • The loan program is expected to be active for the next 3-5 years. The state’s investment is $75 million, the banks are providing at least $75 million.
      • The loans are aimed at helping small businesses and non-profits in distressed areas, and those owned by women and minorities (MWBE). It’s also targeted to businesses that need smaller loans between $5,000-$150,000. Larger loans of $150,000-500,000 are limited to 10% of the loan portfolio.
        • There are 25 distressed communities in CT, as designated by DECD. The aim is to have at least half of the loans go to businesses in these areas.
      • To date, the CDFI’s have provided about 110 loans totaling $16 million. The average loan over the last 3 months was approximately $150,000 but will likely go down over the coming months as the volume of loans increases.
        • Of the 7 CDFI lenders, 4 are CT-based; 3 are based in other state but have experience in this type of lending and so were brought in as lenders.
        • Businesses can choose which CDFI they want to work with. The application is centralized through one platform no matter which lender the business works with.
      • A key part of the program is aligning technical assistance with capital assistance. In CT, the main technical assistance provider is the Small Business Development Center.
    • Technical assistance for businesses

      Scott Arnold, SBDC

      • This loan is designed to reach businesses in areas that weren’t reached through DECD’s prior Business Express lending program.
      • The technical assistance offered through the Small Business Boost Fund is free, confidential and professional.
      • There are 3 types of assistance offered: pre-loan, packaging (during) the loan, and post-loan assistance.
        • SBDC will help applicants determine their eligibility, understand the program details and conditions, provide business templates, understand required documentation, review their loan package, and more.
        • They’ll also help businesses consider whether they can repay the loan, even if they’re eligible for the funds.
    • A Main Street Perspective

      Carl Rosa, Connecticut Main Street Center

      • Small Main Street businesses can use the loan funds for a variety of purposes including creating a marketing plan that addresses social media, websites or setting up online sales.
      • Restaurants can use the funds to update their décor, kitchen equipment or outdoor seating.
      • Retail businesses can use the funds for expanding inventory, new equipment, enhancing displays, updating point of sale technology, business security systems, or expanding product lines, etc.
      • Service-based or non-profit businesses can use the funds for leasehold renovations, new software systems, or new websites.
      • It’s best to talk with your Main Street businesses to see what they need, suggest possible uses and discuss whether the Small Business Boost Fund is a good fit for them.
    • Additional Questions

      • Can businesses not in distressed areas utilize the funds?
        • Yes, up to half of the loans will be available to businesses in non-distressed areas.
      • Is the funding only available to brick-and-mortar businesses?
        • No, small online businesses (non brick-and-mortar) are also eligible for the funds.
      • Can SBDC help small businesses obtain Minority or Women Business Owned certification?
        • Yes, they can help them achieve WMBE certification.

    View the Recording

    About the Presenters

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    CSMC Webinar: Supporting Small Businesses on Main Street

    CMSC Webinar

    Supporting Small Businesses on Main Street

    Webinar Summary

    The findings in Main Street America’s 2022 Small Business Survey give great insight into the concerns, needs, and wants from Main Street businesses. This survey (and asking your business community directly) gives excellent guidance to Main Streets on what types of programs that should be focused on implementing. In fact, according to Main Street America 26% of survey respondents say that they are receiving assistance from Main Street programs, which has increased 4% prior to COVID indicating Main Street programs are becoming more important in supporting their small businesses.

    Presentation Highlights

    • Desired Support #1: Incentives & Financial support

      Example Hart Lift Program

      The Hart Life Program is in partnership with the Hartford Chamber of Commerce and the City of Hartford to help property owners secure tenants in their vacant storefronts with up to a $150,000 grant.

      There have been 46 approved applicants since the launch of the program and 6 businesses have opened to date. The businesses supported through this program are diverse in terms of types of businesses and 72% are MWBE-owned businesses.

      The program is open to property owners that are in good standing with the City of Hartford with vacant ground floor retail space and who are actively working with a prospective tenant. The matching grants can be used only for buildout and furniture, fixture, and equipment costs, and the new business must conform with POCD and all planning and zoning requirements and guidelines.

      The second phase of the program will include more targeted neighborhood outreach and networking events and workshops to support the business owners.

      Learn more at

    • Desired Support #2: Increased district-wide marketing & promotion

      Example Colorful Bridgeport

      Colorful Bridgeport is Bridgeport Downtown Special Services District’s branding and marketing campaign launched in 2019. It “spreads color and joy through business features, public art, activations, and events with the goals of economic development, distinct identity, positive perception, and an in improved quality of life for all.”

      Critical to any downtown branding is highlighting the assets of the district. Colorful Bridgeport focuses on highlighting its people – not buildings or other geographic markers. The whole branding scheme “personalizes and humanizes” its district by using images of real people you will find downtown. This approach is an excellent example of creating a sense of pride in place, but it also is a strategic way to overcome negative perceptions.

      Consistency and the use of partnerships are critical to the success of the branding campaign. All district events and activations align with the Colorful Bridgeport brand, small business owners who have not been engaged previously have a renewed sense of getting involved, and partners are equipped with marketing and branding tools to align with Colorful Bridgeport. 

      Visit Downtown Bridgeport’s website to see Colorful Bridgeport in action.

    • Desired Support #3: Stronger organization of businesses in the area

      Kick-Ass Entrepreneurs is an alternative to a traditional merchant meetup. Focused on storytelling in an informal setting, this event highlights a small business owner’s story and brings together the business community, entrepreneurial ecosystem, and the general community.

      There are no sales pitches and no PowerPoints – just stories. Speakers are coached on how to tell great stories pulling on lessons from “The Storyteller’s Secret” by Carmine Gallo and “Start with Story” by Lyn Graft.

      Read the story of how Silver City Main Street in Silver City, New Mexico used this storytelling format to engage the business community and greater community in their small town of under 10,000.

      Connect with Melanie Lenci, founder of Kick-Ass Entrepreneurs, and learn more about Kick-Ass Entrepreneurs program:

    View the Recording

    Key findings from the 2022 Small Business Survey:

    • Top 5 Biggest Concerns of Small Business

        1. Shrinking margins
        2. Challenges with inflation
        3. Challenges hiring and filling positions with qualified applicants
        4. Cost of rent
        5. Supply chain issues
    • Top 5 Desired Types of Support

        1. Incentives and financial support for small business
        2. Increased district-wide marketing and promotion
        3. Stronger organization of businesses in the area
        4. Improvements to the physical design of the area (e.g. accessibility, lighting, wayfinding, streetscape)
        5. Incentives, support, or technical assistance for storefront/façade renovations or energy efficiency
    • Top 5 Topics Small Businesses are Interested in Developing

        1. Online marketing
        2. Partnerships with other local businesses and business groups
        3. Leveraging data to improve marketing and inventory
        4. Strengthening relationships with local and state government
        5. Ecommerce

      Learn more at Main Street America.

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    About the Presenters

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    CMSC Webinar: Supporting Small Businesses on Main Street

    We all know small businesses are the lifeblood of Main Street, but are we giving them the support they need or actually want?

    Supported by Main Street America’s 2022 Small Business Survey, we’ll review the findings and highlight the top three types of support small businesses want: incentives & financial support, increased district-wide marketing & promotion, and stronger organization of businesses in the area.

    Learn how to take these findings and create effective programs to support your small business.

    • Implement a façade improvement program that energizes vacant spaces and encourages new business starts
    • Strengthen your district branding to change perception, involve everyone, and engage new partners
    • Upgrade Merchant Meetups with informal storytelling events that bring the business community togethe

    Meet the panelists:

    This event is free, but registration is required.

    This event is approved for 1 credit for certified planners
    With thanks to our AICP Certification Maintenance Provider FHI Studio.

    CMSC Webinar: How to Fill Vacant Storefronts


    Every Main Street will face vacancies from time to time, and COVID only exacerbated this challenge across Connecticut and the country. Not only are persistent vacancies detrimental to creating and sustaining a vibrant downtown, but they also have a negative economic impact on the community.In this webinar, our presenter Ilana Preuss – international speaker, and fierce advocate for creating great places and small-scale manufacturing – will share:

    • Innovative approaches to filling vacant storefronts from around the country
    • Programmatic ideas to collaborate with property owners
    • Long-term solutions to keep storefronts full by supporting local small business ecosystems

    This webinar is approved for 1 CM credit for certified planners. 
    With thanks to our AICP Certification Maintenance partner FHI Studio.

    Register here

    About the Presenter

    Ilana Preuss is the founder and CEO of Recast City and the author of the new book “Recast Your City: How to Save Your Downtown with Small-Scale Manufacturing.”

    Preuss’ passion for great places grew out of her experience working with small and large cities all over the country when she led the technical assistance program at the U.S. EPA Smart Growth Program, and as the Vice President & Chief of Staff at Smart Growth America. She has a Bachelor of Arts in Urban and Regional Studies from Cornell University and a Masters of City Planning from the University of Maryland.

    © Connecticut Main Street Center 
    P.O. Box 270, Hartford, CT 06141 | 860.280.2337