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. Â
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%.
Eligibility
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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CBIA IS FIGHTING TO MAKE CONNECTICUT A TOP STATE FOR BUSINESS, JOBS, AND ECONOMIC GROWTH. A BETTER BUSINESS CLIMATE MEANS A BRIGHTER FUTURE FOR EVERYONE.
As a female owned small business owner in the injection molding manufacturing industry in Torrington, CT, established in 1994, we are for the first time experiencing a significant cash flow issue due to our customers not having the ability to pay us on time. We are trying to prevent the need to do layoffs as so many of our factory workers depend on us to keep their households going. The lack of cash affects our ability to purchase raw materials for the products we make, will affect the ability to pay our employees, the majority of which are located in Connecticut and affect our general working capital funds to keep the business afloat. While we are not in the recycling business. we do recycle the majority of our raw material (plastic pellets and products) to reuse in our manufacturing processes. Please let me know what, if anything we can apply for to gain funding for our operations.