BUSINESS INOVATE

Irrespective of location or size, all the states or cities across the globe have realized that rapid business developments and technological advancements are the mantra to growth and so has Connecticut. This consciousness, if nothing else, has imparted a positive attitude towards aspiring entrepreneurs. The key is to have a promising concept and the rest follows. The same principle applies to Connecticut, which has opened all its gates towards any prospective business opportunity. Various steps have been taken to boost the state’s business development and associated financial position.

Towards these aims, the state has developed and promoted the idea of industry clusters, which deploys the concept of industry concentrations. The state anyways is included in the category of productive workforce providers by the virtue of its good education standards and established education institutional setups. Additionally, training is being provided to the educated to build a competitive base and thereby further widen the scope of foreign investment in the state. Obtaining licenses, starting up a new business, acquiring apt training and comprehensive counseling has never been simpler.

In the same direction, another important step has been making finances available with ease. Finding a business loan in Connecticut has been simplified in various ways. Federal and state financing has provided various options to choose from depending upon the area of operations and nature of activity to be undertaken. A Few key ones are enumerated below:

Financing Options Related Information

DECD Financing Inclined towards providing direct loans to projects which imply economic development potential

Office of Business and Industry Development Loans for manufacturing and economic centered business projects

Dry Cleaning Establishment Remediation Fund Program Dedicated towards cleaning functions. The Connecticut Development Authority Array of loans for working capital, real estate and other equipment

Connecticut Brownfields Redevelopment Authority (CBRA) Enables cash grants for the first two phases of site assessment. Maximum limit is $13,000

Connecticut Brownfields Redevelopment Authority (CBRA) Cash grants Redevelopment & Renewal projects. Maximum limit is $10 million.

Electronic Commerce & Information Technology Initiative Finances are extended towards specified areas of electronic commerce and technology

Urbank Aimed to help small business.

Industrial Revenue Bonds Special bonds Connecticut Innovations Special focus on technology sectors

Next Gen Caters to sections as venture capital management support

Connecticut Clean Energy Fund Investment fund to promote clean energy U.S. Small Business Administration (SBA) Special focus on small businesses

SBA Loan Guarantees Aids in startup and growth

Microloan Program Loans provided range from $500 to $35,000

504 Certified Development Corporations Provider of long-term, fixed rate loans

Small Business Innovation Research Program (SBIR) Assists small businesses in technical growth

Small Business Technology Transfer (STTR) Funds for federal innovation research U.S. Department of Agriculture Programs-Rural Development Loans that support the agricultural initiatives and public amenities like water, housing, etc. The schemes included are Guaranteed Loan Program and Export and Domestic Program.

U.S. Department of Energy (DOE) Special focus on scientific and technological researches. The schemes included are Inventions & Innovations Program and NICE3 Project Grant