900 Chapel Street, 10th Floor
New Haven, CT 06511
Phone: (203) 782-4377
Fax: (203) 787-5127
http://www.cedf.com/
CEDF provides loans to start-up and existing businesses that have difficulty obtaining traditional financing or need flexible terms.
Standard Loan Program: Loans from $50,000 - $250,000 in the form of a line of credit or a term loan for start-up or existing businesses. Borrowers also receive free business consulting.
Grow Your Business Loan: Loans of up to $250,000 in the form of a line of credit or a term loan available to businesses with at least 3 years of operation. Must be used to fund business expansion.
SBA Micro-Loan: Loans of up to $35,000 with flexible terms and conditions for small businesses. Includes free business consulting assistance from CEDF staff. Funds can be used in conjunction with other CEDF loans up to $105,000.
Enterprise Community Micro Loan Fund: Loans from $5,000 to $10,000 for businesses located in New Haven's Empowerment Zone. The Loan Fund focuses on the capital needs of existing and start-up businesses. Those needs include equipment purchases, machinery, materials, inventory as well as working capital. The EC loans provide affordable interest rates and flexible underwriting guidelines.
Micro Loan Guarantee Program for Women and Minority Owned Businesses: Offered in conjunction with the Department of Economic and Community Development (DECD), helps women and minority owned businesses obtain flexible financing. Can be used for start up as well as the growth of existing businesses. Loan amounts range from $5,000 to $50,000.
CT Inner City Business Loan Guarantee Program: The Department of Economic and Community Development (DECD) offers guarantees for small business loans in designated industry clusters located in Waterbury, Hartford, New Britain, Bridgeport, and New Haven. For New Haven, the designated industries are knowledge-based industries, arts, entertainment and tourism, manufacturing, commercial services, construction, and retail/distribution. As part of this collaboration, CEDF provides the loans using more flexible criteria and the Department of Economic and Community Development provides a 30% guarantee. In addition to providing flexibility, the DECD guarantee allows CEDF to reduce the interest rate by one percentage point. This guarantee is for small businesses that would otherwise have difficulty obtaining traditional financing or need more flexible terms. Loan amounts range from $50,000 to $250,000.
2. The Connecticut Development Authority (CDA)
999 West Street, Rocky Hill, CT 06067
(860) 258-7825
http://www.ctcda.com/
Guaranteed & Participating Loans: in conjunction with commercial lenders.
Direct Loans: independent of, or in conjunction with commercial lenders.
URBANK Small Business Loan Guarantees: URBANK loan guarantees to help small business get started and grow.
Equity-equivalent investments: in tandem with private sector investors.
SBA 504 Loans: offer lower-cost financing to most businesses for the acquisition of real estate, buildings, and other fixed assets.
Industrial Revenue Bonds: offer lower-cost financing to manufacturers for the acquisition of real estate, buildings, and machinery.
3. Connecticut Community Investment Corporation
100 Crown Street
New Haven, CT 06511
866-776-6172
http://www.ctcic.org/
SBA 504 Loan: Same as above.
SBA Microloan: Same as above.
Direct Loan: By providing up to 90% financing, the Direct Loan Fund helps create, expand, or modernize businesses within the 15 communities, including New Haven, that comprise the South Central Regional Growth Partnership.
TIF Near Equity Financing: TIF provides traditional and near equity financing to technology-based businesses (including information technology, software, and web-based businesses) and manufacturers located, or planning to locate, within the City of New Haven. TIF looks for opportunities to assist the formation or expansion of companies with innovative products or processes in industries having strong growth prospects. TIF anticipates committing its dollars to a project for approximately five years. The fund must be leveraged with other sources of capital whenever possible; therefore, the fund typically will not assume the role of lead investor. The fund expects a return on its financial investment commensurate with the risk undertaken. Warrants for the purchase of stock and/or royalties based upon product sales may be required. TIF operates similar to conventional venture capital funds. Depending on the project, due diligence can be extensive. Applicants' business plans and financial information (both historical and projected, business and personal) are subjected to rigorous analysis by staff.
4. Small Business Initiative (SBI)
165 Church St.
New Haven, CT 06510
(203) 946-7684
http://www.newhavenbiz.com/
SBI Loan Program: Works to meet the capital needs of New Haven’s existing and emerging small businesses. Under the SBI Loan program a business can borrow a minimum of $10,000 to $250,000. This program offers very competitive fixed rates and loan structures that are tailored to the borrower’s needs. In addition, the loan program is designed to fill the “financing gap” by providing capital to start-ups and business owners that would not qualify for traditional financing.
US Housing and Urban Development (HUD) Section 108: $250,000 maximum, 20-year term, fixed rate. Loan funds must be matched 1-to-1 with private sector dollars. Used for general purposes for existing businesses.
Facade Improvement Grant Program for New Haven properties: Grants for key façade improvements: signage, exterior lighting, removal of solid security gates, installation of canopies or awnings. Program assistance consists of an outright grant, a dollar-for-dollar matching grant, and a grant to assist in covering design costs of a new facade, as well as technical support from city staff. Grant recipient must be a commercial property owner or a commercial tenant who has received permission to do the improvements by the property owner. For more information, contact Craig Russell at (203) 946-7859.
5. NewAlliance Bank
http://www.newalliancebank.com/
Town Green Special Services District Loan Program: $150,000 maximum, flexible terms, prime rate. Business must be located in or planning to move to the Town Green Special Services District. Used for working capital, equipment, expansion, leasehold improvements.
US SBA Minority and Women Loan Program and Pre-Qualification Loan Program: $250,000 loan maximum, or 75% guarantee maximum. Business must be at least 51% owned, operated, and managed by women or people of ethnic or racial minorities. Average annual sales for the preceding three years may not exceed $5 million. Use for start-ups and general business financing.
6. Empower New Haven
http://www.empowernewhaven.org/
Empower New Haven, Inc.
59 Elm Street
New Haven, CT 06510
(203) 776-2777
7. The Elmseed Enterprise Fund
http://www.elmseed.org/
The Elmseed Enterprise Fund
P.O. Box 207418
New Haven, CT 06520
info@elmseed.org
(203) 432-7712