CDA Offers Financing from Microloans to $10 million
The Connecticut Development Authority (CDA), one of the state’s quasi-public business financing entities, provides numerous financing options for a wide range of business purposes. As a flexible lender, the CDA can help businesses that may not have access to adequate financing from banks.
“CDA financing is designed to complement that of traditional commercial banks by taking on more risk,” says CDA President Marie O’Brien. “We work with banks and their Connecticut customers, generally middle-market businesses, to position a business for success and help retain and create jobs.”
Although the CDA can assist businesses of all types and sizes, a common customer, says O’Brien, is a company that has done well historically but is experiencing difficult times and may “exceed the bank’s lending patience.”
Among the many industry sectors CDA assists are:
Business and professional services
Architectural and engineering design
Software and technology
Wholesale food production/distribution
CDA financing can be used for most business purposes, including real estate, plant upgrades and expansion, machinery and equipment, information technology upgrades and specialized IT security, and working capital.
“CDA’s products allow us to participate in financial assistance ranging from very small microloans up to $10 million, with an average transaction size of approximately $750,000,” says O’Brien.
To meet CDA’s basic loan requirements, a business must:
1. Demonstrate an updated business plan
2. Have a competitive product and solid distribution chain
3. Be able to demonstrate the ability to service debt currently and/or on a projected basis
4. Have a competent and committed management team
Click here for more information or call CBIA’s Tom Guerra at 860.244.1160.
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