Business Loans in Connecticut

According to the most recent data from the U.S. Small Business Administration (SBA), there are 355,596 small businesses in Connecticut, employing 739,870 people or 48.4% of the total workforce in the state. Whether you currently own a small business or have plans to launch one, small business loans in Connecticut can help.

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Types of Business Loans in Connecticut

Connecticut is a great place to open a business. It has high startup productivity and success rates, as well as no shortage of resources for small business owners. As you shop around for small business loans in the Constitution State, you’re sure to come across the following options.

SBA loans

SBA loans are business loans that are partially backed by the Small Business Administration (SBA), a federal agency. These loans are serviced by private lenders, but are popular because they generally have good interest rates.

Line of credit

Use a line of credit as a flexible form of financing. Unlike with a loan, this option does not involve a big disbursement upfront that you must repay, providing a flexibility that better fits many entrepreneurs’ needs.

Term loan

Term loans are common small business loans in which you would apply for a large disbursement of capital and then repays it over several years, along with fixed or variable interest.

Equipment finance

With equipment financing, you receive a piece of equipment and then pay off the cost of the equipment in installments. This way, your business can make money off the equipment immediately, even if you don’t have the funds to buy it at the sticker price.

Accounts receivable financing

Accounts receivable financing is an alternative form of business financing in which your unpaid invoices serve as collateral for a lump disbursement of funds.

Connecticut Business Loan Options

Several organizations service loans to small businesses that set up shop in Connecticut.

Charter Oak Credit Union has branches throughout Connecticut in cities like Dayville, New London, and Groton. It offers a number of products for business owners, including business lines of credit, fixed-term business loans, and commercial real estate loans.

Another option is Union Savings Bank in Bethel, Brookfield, and a few other places. Its business loan lineup includes term loans, business lines of credit, equipment financing, SBA loans, and overdraft protection lines.

There’s also the Southeastern Connecticut Enterprise Region (seCTer), which is an economic development agency with loan programs in New London County.

Four simple steps to funding.

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We’ll present your application to our marketplace 75+ lenders. Applying is free and won’t impact your credit score.

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Find the funding option with the terms that best fit your small business goals.

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Once you accept, funding can hit your bank account in as little as 24 hours.

FAQ about Small Business Loans in Connecticut

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FAQs

What other resources are available to Connecticut small businesses?

The Connecticut Small Business Development Center offers free business advisory services and online resources. An organization called Southeastern SCORE CT has 9 locations throughout Southeast Connecticut and can provide business mentorship. CTNext, which supports entrepreneurs in Connecticut with capital, skill development, networking, and training, is another great resource.

What Connecticut small business grants are available?

Connecticut Innovations—an organization that connects entrepreneurs and established business owners with venture capitalists, angel investors, lenders, and other resources—offers a number of small business grants. If you’re a new business who is ready to grow, the Growth Company Grants Program can help you out. The funds can be used for marketing, sales, technology, organizational development, and other initiatives. Don’t forget to check out Connecticut GrantWatch, which offers an updated list of other grant opportunities for small businesses in the Constitution State.

What do I need to qualify for a loan in Connecticut?

Before you qualify for a loan in Connecticut, you’ll need to choose a business structure, like a sole proprietorship, corporation, or LLC. Then, use the Connecticut Business Registry Search to find out if your preferred business name is available. If you’re forming an LLC or corporation, use the Secretary of State’s Business Startup Tool to start your business through a series of easy steps. Keep in mind that you’ll also have to appoint a registered agent. Once you go through these steps, you can apply for a small business loan. Lenders will typically review your credit score, time in business, and business finances when qualifying you for a loan.

Which loan is right for my Connecticut business?

There are countless small business loans available, making it important to do your research and explore all your options. With Lendio, you can take the time and hassle out of the process. An SBA loan may be your best bet if you have good credit and want to borrow a large sum of money. If you need fast cash and don’t have the best credit score, however, accounts receivable financing may be the way to go, especially if you have many slow-paying customers.

How can a Connecticut business loan help my business?

A business loan in Connecticut can help you cover virtually any business-related expense. Whether you need funds to purchase a commercial property or market your offerings, it’s in your best interest to take advantage of small business financing.

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