CDA Offers Financing from Microloans to $10 million

05.01.2011
Small Business

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:

Precision manufacturing

Business and professional services

Architectural and engineering design

Software and technology

Wholesale food production/distribution

Medical practices

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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