Small business lending conditions improve in Conneticut

3/28/2011

Entrepreneurs in Connecticut who are having issues securing funding may benefit from some newly available loans from the Community Economic Development Fund, which recently announced $4 million in available loans for small businesses, The Stamford Times reports.

The new loans are available for companies in all industries and are specifically directed toward businesses that have had trouble getting commercial loans from traditional bank lenders. The CEDF loans can be worth as much as $500,000 for a 25-year fixed rate on commercial mortgages or $250,000 for working capital.

"Banks put in half and the state matched it. Now we are looking for the small businesses community to put this money to work. We need all the jobs we can get," Donna Wertenbach, president of the CEDF, told the source. "Many small businesses assume these types of loans are not for them. Don't assume that. Give us a call and talk to us. It only takes a phone call."

One way businesses can use these loans is to improve their marketing campaigns, helping them to reach more prospective customers and boost sales.