As Published in Register Citizen Magazine;
Businesses with 50 or fewer workers that want to take advantage of the state’s new lending programs for small businesses can apply for the money through the non-profit Community Economic Development Fund (CEDF).
The state’s Department of Community and Economic Development (DECD) established the two lending programs in October, as part of the jobs bill, to stabilize and grow Connecticut small businesses. CEDF is administering part of a $100-million fund to be lent out at a fixed rate of 4 percent. The loans can be either term loans or lines of credit..”
Small businesses can apply for the loans through the CEDF in partnership with the DCED. To qualify, the businesses must employ 50 or fewer workers, be current on state taxes — or have a repayment plan — and have been in operation for at least one year.
The two programs include businesses applying for loans between $10,000 and $100,000 at 4 percent for working capital, expansion, equipment and other uses and businesses that intend to retain employees or hire at least one additional full-time person can borrow up to $250,000.
Remember Merchant Advisors are always there to extend a helping hand as and when you require the loan for your business. We provide loans and consultancy for you to prosper.