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Posted on Sat, 02/18/2012 - 12:55 PM by
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Department of Economic and Community Development (DECD) of Connecticut has designed a Small Business Express Program (SBEP) to support small businesses, create more jobs and spur economic growth. SBEP is an easy access to loans and facilitates quick access of Under the SBEP there are programs like ‘Small Business Express Revolving Loan Fund’, ‘Small Business Job Creation Incentive Program’ and ‘Small Business Creation Matching Grant Program’. The Revolving Loan Fund provides loans for amount varying from $10,000 to $100,000. The investment can be utilized for machine acquisition, buying of equipment, construction work and relocation within state. It is working capital loans for business owners and can be used for any business related expenses. Interest rate for the ‘Small Business Express Revolving Loan Fund’ varies from zero to four percent and the term of the loan is kept five years. ‘Small Business Job Creation Incentive Program’ provides deferred loans that range from $10,000 to $250,000. It covers expenses related to marketing, working capital, training and other business expenditures. Interest rate ranges from zero to four percent and the term for the loan is five years. ‘Small Business Creation Matching Grant Program’ provides $10,000 to $100,000 grants so as to help entrepreneurs acquire machinery, equipment, working capital, construction, training and for relocation purposes. As it is a matching grant so the recipient must match funds on a 1-to-1 ratio. All the programs are authorized by DECD Commissioner. They are also ‘deferred’ which means that DECD may forgive part of the loan if the business is successful in creating new jobs for the economy.
MORE NEWS FROM BIZ2CREDITFirst State Bank Of Nebraska Recognized As Community Lender For 2012The First State Bank of Nebraska has been recognized as the Rural/Community Lender of the year 2012. SBA has recognized the bank for its efforts in Nebraska. State Bank Nebraska has served the community in a number of ways. SRDC Is Offering Loans Through RLFSouthwest Regional Development Commission (SRDC) is offering loans through revolving loan fund (RLF). Its purpose is to have a direct financing tool making loan funds available so as to assist in retail, manufacturing, and distribution businesses. Sound Business Plan is key for Business LoanA solid business plan makes it easy for the business to get access to credit. A solid business plan helps to win customers and it also becomes a strong calling card to secure business loans. Loan Approval Rate Declines Due To Fall in SBA GuaranteeBiz2credit finds overall approval rate of small business loans to increase in April compared to a year earlier. Alternative lenders approved 63% of small-business loans compared to 53.6% a year ago. Approval rate of credit unions is 57.4%, small banks 45.9% and big banks 10.6%. The approval rates are more compared to a year earlier. Minority Business LoanMinority business loan as the term describes is a type of financial help provided to the people of minority background for their business and commercial purposes. Such loans also come in different categories like small business loan, large business loan, loans for men and women. However, the provision of customized loan program is also available as per the specific requirement of a customer or a minority business owner. Likewise, government organizations are also assisting minority businesses and playing a vital role for their business growth including the lower income group. These government bodies not only meet the financial requirements but also socially fortify the financial backward divisions. Besides, women minority business owners are also unrestricted to get the benefit of these loans. In fact certain non-profit organizations are also proactively participating in minority business loan programs with the purpose of advancement of these minority groups. RELATED SMALL BUSINESS NEWSHow Low Can Facebook Stock Go? And What Route Will It Take to Get There?Facebook ended Tuesday, its third day of trading at $31 per share -- $7 less than where it launched on Friday.... Mayan Doom or Time to Buy?According to ancient Mayan prognosticators our world should be coming to an end sometime around Christmas. If you’re sitting in Greece or JP Morgan’s bond-lending group, the end might seem like it’s already here. And off the Peruvian coast, wildlife is literally dropping from the sky.&... When 'I'm Too Sexy' Lawsuit Settles, Will IRS Win Too?This is a great country, one of equal opportunity and more. Where else could you find the Equal Employment Opportunity Commission (EEOC) handling a complaint alleging religious and gender discrimination occurring in a lingerie warehouse?... Want to Hangout With the SBA Chief? Join UsAs part of National Small Business Week, we'll be moderating a live chat with SBA chief Karen Mills and winners of the SBA's video contest Wednesday in a Google+ hangout. ... Private Equity Investments: A Question Of Supply And DemandThe PE investment picture as 2012 began looked very much like the one that prevailed two years ago as the industry was clawing its way back from the depths of the downturn. But as we discuss in Bain & Company’s Global Private Equity Report 2012, conditions today are more favorable for PE deal ... |
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This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to info@biz2credit.com