a small business in Connecticut can be expensive, but there is a new loan
program that is doling out dollars to eligible businesses.
Ned Lamont picked Schwertle in Bridgeport to announce the new loan program
aimed at distressed communities. The business has been open for almost 150
Small Business Boost Fund will lend $150 million, with most of it going
to minority and women-owned companies. Private banks are fronting half of the
often, small businesses and not-for-profits lack affordable access to capital
that’s flexible,” said Frank Micalizzi, M&T Bank Bridgeport president.
Schwertle, this money comes at a critical time, because Connecticut is not a
cheap place to do business. Schwerdtle plans to use the money to buy more
equipment, and eventually, hire more workers. They hope it’ll be enough to stay
where they are.
would like to stay here as long as we can, you know, have good space and grow
in it. At the end of the day, you’ve got to do what’s best for the business,”
said Schwertle President Kathy Saint.
are now being accepted for loans, ranging from $5,000 to $500,000. The
program is aimed at helping small businesses and nonprofits, particularly those
in low-income and historically underserved communities, with access to flexible
working capital. The loans have a fixed, 4.5% interest rate and are available
to eligible small businesses and nonprofits with operations in Connecticut that
have 100 or fewer full-time employees and annual revenues of less than $8
million. For more information, click here.