Connecticut Small Business Boost Fund
A low-interest small business loan to help your business take on new challenges and opportunities
When your business is faced with a great opportunity or a new obstacle, you might need some funding to keep moving forward. The Connecticut Small Business Boost Fund may just be the perfect fit in this instance. By accessing this program through Pursuit, you’ll take advantage of low rates and fees, and flexible loan uses and terms.
The Connecticut Small Business Boost Fund can give you the funding you need now while setting your business up for success in the future. The fund can be used for nearly any business need, from working capital, to refinancing debt, to construction and improvements, and more!
When you apply, you’ll be guided step-by-step through the application process by a Pursuit business expert to ensure you have everything you’ll need to get approved.
Low, fixed interest rate
No prepayment penalty
What is the Connecticut Small Business Boost Fund?
The Connecticut Small Business Boost Fund provides low, fixed interest rate small business loans in Connecticut from $25,000 up to $500,000. This fund is supported by the state of Connecticut to help businesses recover and grow in the wake of the COVID-19 pandemic.
Connecticut Small Business Boost Fund Details
- Loan amounts: $25,000 to $500,000
- Interest rate: 4.5%
- Term: 5-6 years
- Repayments: Interest-only for first 3 months
Am I eligible for the Connecticut Small Business Boost Fund?
If you meet the requirements below, then you might be a good fit for the program:
- One or more years in business
- Operate in Connecticut
- Gross revenues of less than $8 million per year
- 100 or fewer full-time employees
Will I qualify for the Connecticut Small Business Boost Fund?
To qualify for the Connecticut Small Business Boost Fund your business must meet the following requirements:
- Historical cash flow adequacy
- Minimum credit score of 640
- No outstanding tax liens or judgments for you or your business
- No active bankruptcies in the last 7 years for you or your business
- Current on all federal and local taxes, and on all government-related obligations (ex. child support, unemployment taxes, etc)
What can I use the Connecticut Small Business Boost Fund for?
The Connecticut Small Business Boost Fund can be used for a variety of business needs. You can use it to cover immediate financing needs, such as inventory or a new piece of equipment. It can also be used to support your business’s expansion to a new location, or for a working capital boost to bridge a cash flow gap. The Connecticut Small Business Boost Fund is a great financing solution for:
- Working capital
- Equipment purchase
- Leasehold improvements
- Debt refinance (subject to eligibility considerations)
- And more
What will I need to apply for the Connecticut Small Business Boost Fund?
Ready to get started? You’ll need the following documents and information for your application:
- Most recent 2 years of filed personal and business tax returns
- Interim year-to-date income statement for current year
- Schedule of ownership or beneficial ownership forms from all owners
- Copy of driver’s license or other photo ID for all owners
- Valid Connecticut operating license, where applicable
- Additional documentation may be required
If your application is approved, you’ll need to meet the following collateral and closing requirements:
- UCC filing on all business assets
- Personal guarantee of all owner 20% or more
- Additional collateral on a case-by-case basis for loans over $100,000
With the Connecticut Small Business Boost Fund, you’ll find a flexible funding option to support your business when you need a boost. Are you ready to grow your business? Get started with your application today.
Learn how other businesses have used our programs to reach higher:
Pursuit is a participating lender in the Connecticut Small Business Boost Fund.