State Incentives

Loans, loan guarantees, risk capital, labor training, tax abatements, and other incentives are available from the Connecticut Department of Economic and Community Development, the Connecticut Development Authority, and Connecticut Innovations, Inc.

Loans/Loan Guarantees

The Connecticut Development Authority (CDA), the banking and finance arm of the Department of Economic & Community Development, operates programs including:

• The Connecticut Works Loan Guarantee Program, which guarantees bank loans for buildings and equipment and offers revolving lines of credit to businesses for the retention and creation of jobs.
  
  
• The Growth Fund, loans for buildings, equipment, and working capital from $50,000 to $4 million.
  
  
• Investment Finance, direct loans up to $4 million to economic-based businesses with sales of less than $25 million for buildings, equipment, and working capital.
  
  
• URBANK, which provides small-business bank loans from participating lenders insured by the CDA up to $350,000 for capital assets and revolving lines of credit.
  
  
• CT Job Training Finance Program, which is a CDA performance grant of up to $25,000 to repay prime-rate bank loans used to finance the training of workers engaged in manufacturing.
  
  
• Connecticut Business Development Corp. (SBA 504 Program), which offers fixed-rate, long-term second-mortgage loans up to $1 million to existing businesses for the purchase or construction of real estate and the purchase of equipment.

For more information on these or other programs contact:
Connecticut Economic Resource Center
805 Brook Street
Rocky Hill, CT 06067
1-800-392-2122

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