Connecticut Small Business Boost Fund – Low-Interest Loans Tailored to Small Businesses and Nonprofits

The average small business loan interest rates range from 5% to more than 11%. High-interest rates and limitations on traditional loans can impede small business owners' ability to borrow money to reinvest in or expand their businesses.

Supported by the Connecticut Department of Economic & Community Development (DECD), the Connecticut Small Business Boost Fund is focused on helping small businesses and nonprofits thrive. This low interest, fixed 4.5%, loan program provides access to flexible funding for capital expenditures and working capital and connects business owners with free support services.

As trusted advisers, many small business owners lean on their CPAs to educate and guide them in making the right financial decisions for their businesses. If you work with a Connecticut small business or nonprofit that meets the criteria listed below, the Boost Fund may be able to help. 

Applicants must have:

• Less than $8M in revenues and are current on taxes
• No more than 100 full-time employees
• Operations in Connecticut for at least 1 year prior to the date of application; check out the website for information regarding start-ups

To date, more than 330 small businesses and nonprofits around the state have received over $42 million through the Boost Fund – and loans between $5,000 and $500,000 are still available depending on eligibility.

To learn more about this financial resource for your organization or your clients, review the Boost brochure, visit ctsmallbusinessboostfund.org or contact Sheila Hummel at DECD.