Department of Economic and Community Development (DECD) of Connecticut has designed a Small Business Express Program (SBEP) to support small businesses, create more jobs and spur economic growth. SBEP is an easy access to loans and facilitates quick access of
Under the SBEP there are programs like ‘Small Business Express Revolving Loan Fund’, ‘Small Business Job Creation Incentive Program’ and ‘Small Business Creation Matching Grant Program’. The Revolving Loan Fund provides loans for amount varying from $10,000 to $100,000. The investment can be utilized for machine acquisition, buying of equipment, construction work and relocation within state. It is working capital loans for business owners and can be used for any business related expenses. Interest rate for the ‘Small Business Express Revolving Loan Fund’ varies from zero to four percent and the term of the loan is kept five years.
‘Small Business Job Creation Incentive Program’ provides deferred loans that range from $10,000 to $250,000. It covers expenses related to marketing, working capital, training and other business expenditures. Interest rate ranges from zero to four percent and the term for the loan is five years.
‘Small Business Creation Matching Grant Program’ provides $10,000 to $100,000 grants so as to help entrepreneurs acquire machinery, equipment, working capital, construction, training and for relocation purposes. As it is a matching grant so the recipient must match funds on a 1-to-1 ratio.
All the programs are authorized by DECD Commissioner. They are also ‘deferred’ which means that DECD may forgive part of the loan if the business is successful in creating new jobs for the economy.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com