Do you own and operate a business in Connecticut, or are you looking to start a new business in the state? If so, you’ll likely need funding. Below, you’ll find a list of business grants and loans that are only available for Connecticut businesses. Scroll through and discover whether your business is eligible for any of these helpful funding options.
Department or Agency: Connecticut Department of Economic and Community Development
Loan or Grant title: Connecticut Small Business Boost Fund
Loans between $5,000 and $500,000 may be secured by Connecticut small businesses depending on eligibility and need. Funds can be used toward working capital for things like equipment, utilities, payroll, and other expenses.
Department or Agency: Connecticut Department of Economic and Community Development
Loan or Grant title: State Trade Expansion Program (STEP)
The State Trade Expansion Program (STEP) is a matching grant program designed for Connecticut small businesses that need help expanding their export options. In order to be eligible, businesses need to operate in Connecticut, have been in operation for at least a year, and seek to export goods and services of US origin.
Department or Agency: Connecticut Center for Advanced Technology (CCAT)
Loan or Grant title: Innovation Voucher Program
The Innovation Voucher Program gives matching grants of up to $25,000 to help Connecticut supply chain companies adopt and integrate IoT solutions. Eligible companies must have projects related to industrial IoT, model-based definition, extended reality, and adaptive automation.
Department or Agency: Connecticut Center for Advanced Technology (CCAT)
Loan or Grant title: Additive Voucher Program
CCAT’s Additive Voucher Program gives matching grants of up to $20,000 to Connecticut companies looking to acquire additive manufacturing technology. In order to qualify, businesses must be in the manufacturing industry, have been registered for at least three years, have at least three (but no more than 300) full-time employees, and have a proposed project value of at least $5,000.
Department or Agency: Connecticut Center for Advanced Technology (CCAT)
Loan or Grant title: Additive Voucher Program
CCAT’s Additive Voucher Program gives matching grants of up to $20,000 to Connecticut companies looking to acquire additive manufacturing technology. In order to qualify, businesses must be in the manufacturing industry, have been registered for at least three years, have at least three (but no more than 300) full-time employees, and have a proposed project value of at least $5,000.
Department or Agency: Connecticut Center for Advanced Technology (CCAT)
Loan or Grant title: SIRI and Cyber Assistance Program
This program gives matching grants of up to $10,000 to Connecticut manufacturing companies looking to conduct Smart Industry Readiness Index assessments (SIRI) and/or Cyber Security assessments and certification (CMMC). In order to qualify, businesses must be located in Connecticut, have been registered for at least three years, and have at least three (but no more than 300) full-time employees.
Department or Agency: Connecticut Center for Advanced Technology (CCAT)
Loan or Grant title: Apprenticeship Funding Program
CCAT’s Apprenticeship Funding Program provides wage subsidies to Connecticut manufacturing companies that hire and train apprentices. Eligible companies can get a maximum of $52,500 a year for hiring at least four registered apprentices and three registered pre-apprentices.
Department or Agency: Connecticut Center for Advanced Technology (CCAT)
Loan or Grant title: Manufacturing Internship Program
CCAT’s Manufacturing Internship Program provides wage subsidy grants to Connecticut manufacturing companies that hire qualified college interns. Eligible companies can get up to $3,500 per qualified intern. Applications are accepted through September 15, 2024.
Department or Agency: Connecticut Center for Advanced Technology (CCAT)
Loan or Grant title: REV-UP! Mentor Wage Subsidy Reimbursement Program
This program provides wage subsidy reimbursements to Connecticut manufacturing companies that enroll their employees in a mentor-driven, eight-week upskill training program. Eligible companies can get up to $7,800 per upskilled employee.
Department or Agency: Community Economic Development Fund (CEDF)
Loan or Grant title: Women and Minority Loan Guarantee Program
This loan guarantee program was created with the intention to help women- and minority-owned businesses secure funding that is otherwise unavailable to them, often due to a lack of collateral or low credit. Qualifying businesses must have a maximum of 50 employees and meet other requirements in order to receive a loan of up to $50,000.
Department or Agency: Community Economic Development Fund (CEDF)
Loan or Grant title: Term Loan
CEDF offers term loans to small businesses that have struggled to access traditional financing from a major bank. Eligible businesses can get between $1,000 to $250,000 for working capital, inventory, debt refinancing, equipment purchases, and startup expenses.
Department or Agency: Community Economic Development Fund (CEDF)
Loan or Grant title: Commercial Real Estate Loan
CEDF also has a Commercial Real Estate Loan to support Connecticut small businesses. Eligible businesses can get up to $500,000 to buy an owner-occupied commercial real estate property.
Department or Agency: Community Economic Development Fund (CEDF)
Loan or Grant title: Line of Credit
With CEDF’s Line of Credit, eligible Connecticut businesses can get a line of credit between $5,000 and $250,000 to cover seasonal expenses, cyclical operating costs, and short-term cash flow gaps.
Department or Agency: HEDCO
Loan or Grant title: HEDCO Loans
HEDCO, a non-profit organization dedicated to financing and uplifting Connecticut businesses, provides term loans in amounts up to $500,000 to start-ups and established small minority- and women-owned businesses.
Department or Agency: Community Capital Fund (CommCap)
Loan or Grant title: Small Business Loans
CommCap Small Business Loans are available for working capital, leasehold improvements, and other expenses. Loan amounts range from $50,000 to $500,000 and must go toward job creation and result in tax revenue for the city of Greater Bridgeport or the state of Connecticut, among other requirements.
Department or Agency: City of Middletown
Loan or Grant title: City of Middletown Business Operating Grant Program
Businesses based in Middletown, Connecticut, and that have been in operation for a minimum of 24 months (among other qualifications) may be eligible for this operating assistance grant. The maximum grant amount will not exceed $5,000 and can be used toward rent, utilities, and other ongoing fixed expenses and operating costs.
Department or Agency: Connecticut Innovations
Loan or Grant title: Connecticut Bioscience Innovation Fund
Connecticut Innovations (CI) is a venture capital firm dedicated to investing in high-growth, innovative Connecticut companies. Through their $200 million Connecticut Bioscience Innovation Fund, CI gives equity investments to technology companies based in Connecticut or willing to move there.
Department or Agency: Connecticut Innovations (CI)
Loan or Grant title: Pre-Seed Investment
Connecticut Innovations also has a Pre-Seed Investment program for Connecticut-based businesses engaged in bioscience, IT, clean tech, advanced materials, and photonics. CI will give up to $150,000 in matching investments to eligible companies that are principally located in Connecticut, have been in business for fewer than seven years, and have a non-recurring revenue of less than $2 million.
Department or Agency: Connecticut Green Bank – Green Bank Capital Solutions
Loan or Grant title: Request for Proposals (RFP) for Clean Energy and Environmental Infrastructure Investment
Connecticut Green Bank has a variety of capital solutions reserved for Connecticut-based projects that improve energy efficiency, use clean energy, reduce greenhouse gasses, contribute to environmental infrastructure, improve public health outcomes, or create jobs. Connecticut Green Bank offers term loans, working capital loans, loan guarantees, and more.
Department or Agency: Connecticut Office of Manufacturing
Loan or Grant title: Manufacturing Innovation Fund
Connecticut’s Manufacturing Innovation Fund (MIF) offers financial assistance, training opportunities, and technical support to small and medium-sized advanced manufacturing companies within the state. MIF’s Manufacturing Voucher Program (MVP) provides matching grants of up to $100,000 for companies to purchase new equipment or master certain processes, while its Energy on the Line program gives grants to help companies invest in energy-efficiency equipment.
Department or Agency: Southeastern Connecticut Enterprise Region
Loan or Grant title: seCTerRise $10,000 Grant
The Southeastern Connecticut Enterprise Region has a $10,000 grant program for small businesses in southeastern Connecticut that need help with professional business services, equipment purchases, and inventory. Eligible businesses must have been in business for at least one year, have an annual revenue between $35,000 and $1.5 million, and be in good standing with the CT Department of Revenue Services.
Department or Agency: Southeastern Connecticut Enterprise Region
Loan or Grant title: seCTerRise $25,000 Grant
The Southeastern Connecticut Enterprise Region also has a $25,000 grant program for small businesses in southeastern Connecticut that need help with professional business services and equipment purchases. Eligible businesses must have been in business for at least four years, have an annual revenue between $1.5 million and $5 million, have at least five full-time employees, and be in good standing with the CT Department of Revenue Services.
Department or Agency: Spanish American Merchants Association (SAMA)
Loan or Grant title: Minority Business Revolving Loan Fund
Together with HEDCO and the Black Business Alliance (BBA), the Spanish American Merchants Association (SAMA) gives loans to minority-owned businesses in Connecticut. Eligible businesses can get between $10,000 and $100,000 to start or grow their operations—with a fixed 4% interest rate.
Department or Agency: Spanish American Merchants Association (SAMA)
Loan or Grant title: Neighborhood Economic Development Revolving Loan Fund
SAMA also has a revolving loan fund for businesses based in Hartford, New Haven, Meriden, and New Britain. The maximum loan amounts depend on the city: $75,000 for Hartford, $50,000 for New Haven, and $30,000 for Meriden and New Britain.
Department or Agency: Spanish American Merchants Association (SAMA)
Loan or Grant title: Merchants Revolving Loan Fund
The Merchants Revolving Loan Fund is available to businesses in Hartford that have already been turned down by a traditional financing institution, like a bank. The maximum loan amount is $50,000 with a fixed 6% interest rate.
Department or Agency: Waterbury Development Corporation (WDC)
Loan or Grant title: WDC Financial Assistance
The Waterbury Development Corporation (WDC) has a variety of financing solutions for Waterbury businesses committed to growth and economic development.
Department or Agency: Waterbury Development Corporation (WDC)
Loan or Grant title: Downtown Facade Improvement Program
The WDC offers forgivable, no-interest loans up to $48,000 to Waterbury businesses dedicated to improving their business’s exterior. Eligible businesses can use the funds for preserving, improving, or maintaining their facility’s exterior.
Department or Agency: Waterbury Development Corporation (WDC)
Loan or Grant title: Downtown Sign and Awning Program
The WDC offers forgivable loans of $1,900 to help downtown Waterbury business owners update their storefront signage or awnings.
Department or Agency: Community Investment Corporation (CIC)
Loan or Grant title: City of Bristol Forgivable Revolving Loan Fund
In partnership with the City of Bristol, Connecticut, Community Investment Corporation (CIC) operates a revolving loan fund designed to stimulate economic development in the city of Bristol, create new jobs, and support growing businesses. Eligible businesses must be based in Bristol and have fewer than 250 employees. Loan amounts range from $10,000 to $50,000 and can be used for a variety of purposes.
Department or Agency: Community Investment Corporation (CIC)
Loan or Grant title: Community Advantage Loan
Through the Small Business Administration (SBA), the CIC offers a Community Advantage Loan to new and existing businesses in Connecticut. Eligible businesses can get up to $350,000 to put toward working capital, business acquisitions, inventory, equipment purchases, leasehold improvements, and refinancing.
