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Active SBA Lenders in Connecticut The 504 Certified Development Company (CDC) Program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings. A Certified Development Company is a nonprofit corporation set up to contribute to the economic development of its community or region. CDCs work with the SBA and private-sector lenders to provide financing to small businesses. There are about 270 CDCs nationwide. Each CDC covers a specific area. To view Connecticuts' CDCs: Connecticut Certified Development Companies
Certified lenders are those who have been heavily involved in regular SBA loan-guaranty processing and have met certain other criteria. They receive a partial delegation of authority and are given a three-day turnaround by the SBA on their applications (they may also use regular SBA loan processing). Certified lenders account for nearly a third of all SBA business loan guaranties. Maximum loan amount is $2 million, however, the maximum dollar that SBA can guaranty is $1 million. For loans greater than $150,000, the maximum SBA guaranty is 75 percent. The SBA Express program makes it easier and faster for lenders to provide small business loans of $350,000 or less; allows lenders to use their own forms and processes to approve loans guaranteed by the U.S. Small Business Administration; provides a rapid response from the SBA - within 36 hours of receiving your complete application; lets lenders take advanta e of electronic loan processing; and helps lenders provide smaller revolving loans. To view Connecticuts' SBAExpress Lenders: SBAExpress Lenders
SBA Export Express combines the SBA’s small business lending assistance with its technical assistance programs to help small businesses that have traditionally had difficulty in obtaining adequate export financing. The pilot program is available throughout the country and is expected to run through all SBA Express Lenders. SBA Export Express helps small businesses that have exporting potential, but need funds to buy or produce goods, and/or to provide services, for export. Loan proceeds may be used for most business purposes, including expansion, equipment purchases, working capital, inventory or real estate acquisitions. CommunityExpress is a pilot SBA loan program that was developed in collaboration with the National Community Reinvestment Coalition (NCRC) and its member organizations. Under the pilot, which is available to selected lenders, an SBAExpress like program will be offered to pre-designated geographic areas serving mostly New Markets small businesses. The program will also include technical and management assistance, which is designed to help increase the loan applicant's chances of success. If your business is preparing to engage in or is already engaged in international trade, or is adversely affected by competition from imports, the International Trade Loan Program is designed for you. The SBA can guarantee up to $1,250,000 for a combination of fixed-asset (facilities and equipment) financing and Export Working Capital Program (EWCP) assistance. The fixed-asset portion of the loan guaranty cannot exceed one million ($1,000,000.00) dollars and the non-fixed asset portion cannot exceed seven hundred fifty thousand ($750,000.00) dollars. The Export Working Capital Program (EWCP) was designed to provide short-term working capital to exporters. The SBA's Export Working Capital Program (EWCP) supports export financing to small businesses when that financing is not otherwise available on reasonable terms. The program encourages lenders to offer export working capital loans by guaranteeing repayment of up to $1 million or 90 percent of a loan amount, whichever is less. A loan can support a single transaction or multiple sales on a revolving basis. The MicroLoan Program provides very small loans to start-up, newly established, or growing small business concerns. Under this program, SBA makes funds available to nonprofit community based lenders (intermediaries) which, in turn, make loans to eligible borrowers in amounts up to a maximum of $35,000. The average loan size is about $10,500. Applications are submitted to the local intermediary and all credit decisions are made on the local level.To view: Connecticuts Microloan Participants
The Small Business Investment Company (SBIC) program. SBICs, licensed by the Small Business Administration, are privately owned and managed investment firms. They are participants in a vital partnership between government and the private sector economy. With their own capital and with funds borrowed at favorable rates through the Federal Government, SBICs provide venture capital to small independent businesses, both new and already established. To view Connecticuts' SBICs: Connecticut Investment Companies | ||