Connecticut extends programs to small businesses

11/30/2011

Two new Connecticut programs will expand the small business lending landscape for the state's Community Economic Development Fund (CEDF), the Hour reports.

As part of the federal jobs bill, the programs - enacted in October - are intended to benefit enterprises that employ 50 workers or less. The CEDF will administer loans to these companies, with hopes of stabilizing and growing small businesses in the state.

"We're proud to announce these new state programs are available through CEDF," Donna Wertenbach, president and CEO of CEDF, told the news source. "This is a great opportunity for businesses to strengthen their companies."

Under the programs, businesses can apply for loans between $10,000 and $100,000 for capital, equipment or other needs. The available amount increases to $250,000 if the company intends to retain employees or hire at least one additional full-time worker.

In addition to having less than 50 workers, qualified businesses also must be current on state taxes and have been in operation for at least one year.

According to its website, CEDF was created in 1994 to provide greater capital and technical assistance to small businesses and communities in the state.