New Small Business Funding Program Launched
Asset management firm Enhanced Capital has launched a new program aimed at giving low-cost capital exclusively to Connecticut-based small businesses to help support job creation and retention.
The national asset management firm has served traditionally underserved small businesses since 1999.
Loans for small businesses in Connecticut range from $250,000 to $5 million with interest rates capped at 8%.
Businesses must be headquartered in Connecticut, have fewer than 250 employees, and less than $10 million in net income to be eligible for the funding.
At least 80% of the company’s employees must be Connecticut residents or at least 80% of the payroll amount must be paid to employees who are Connecticut residents.
Enhanced Capital leaders said funding should be used for general working capital, as well as capital expenditures, purchase order financing, inventory, refinancing, and payroll.
The company plans to give half of its available loans to green tech industries and companies in urban areas of the state.
Interested companies should contact Enhanced Capital’s Connecticut director.
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