Community Advantage Recovery Loan
The U.S. Small Business Administration (SBA) is offering a new financial assistance loan expressly for existing small and start-up businesses in underserved areas through the Community Investment Corporation (http://ciclending.com/) in Connecticut.
This loan program offers financial and technical assistance to help small businesses adapt to changing business conditions in the COVID-19 environment and strengthen their ability to manage through potential future disruptions.
The technical assistance portion consists of fifteen hours (15) of required advising, which must be completed during the first six months of the loan term. It can include such topics as business planning, financial management strategies to build cash reserves and reduce expenses, operations management, and marketing and e-commerce, based on the business’ needs.
What Businesses Need to Know:
- Allowable Uses: Working capital, inventory, equipment, and real estate purchases
- Loan Amount: $50,000 to $250,000
- Loan Term
- Minimum 5 years
- Maximum 10 years for working capital & equipment, 25 years for real estate
- 10% minimum downpayment
- Interest Rate: Maximum Prime + 6%
- Collateral Required: All loans shall be secured by available assets of the borrower and its principals to the extent necessary to protect the interests of the lender
The SBA will cover the payment of principal, interest, and other fees for the first six months.
To apply, contact the Community Investment Corporation at http://ciclending.com/community-advantage-loans/
Category: Incentives, Financing
The Additive Technology Adoption Program (AMAP) seeks to infuse additive manufacturing technologies into the production processes of Connecticut manufacturers.
A program of the Connecticut Manufacturing Innovation Fund, the AMAP program is a partnership of the state Department of Economic and Community Development (DECD) and the Connecticut...
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This program provides tax incentives for manufacturers and certain related businesses that build or substantially renovate facilities in the Groton-New London Airport area.
For details, refer to the Groton-New London Airport ADZ Overview.
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Low-interest loans for brownfield investigation, assessment, remediation and development. Available for manufacturing, retail, residential or mixed-use developments, expansions or reuses.
Contact Paige Bronk, 860-446-5960
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Whether you are a small business, commercial developer or entrepreneur, we are here to help locate or expand your business in Groton. This guide is an overview of business incentives and assistance resources.
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Financing solutions for technologies such as high-efficiency lighting, HVAC upgrades and renewable energy systems. Programs include:
New Construction/Gut-Rehab
Energy Efficiency/Deferred Maintenance
Historic Tax Credits
Go to greenworkslending.com or cpace.com or call 860-257-2176.
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Financial support for public infrastructure associated with new development projects. Example uses include:
Utility line extensions
Sidewalks/Road Improvements
Traffic control/street lighting
Complete guidelines can be found here. The application form can be found here. To apply, contact Paige Bronk, 860-446-5960.
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Save energy and reduce your energy bills with incentives, rebates, financing and services for energy efficiency and clean energy improvements.
Go to energizect.com.
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Companies involved in manufacturing, research associated with manufacturing and distribution warehousing (new construction/expansion only) as well as certain service companies that develop properties in an Enterprise Zone or a zone that is eligible for Enterprise Zone-level benefits will receive:
a five-year,...
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Residential and non-manufacturing commercial property in the Enterprise Zone which is either newly constructed or rehabilitated is eligible for graduated deferral of assessment increases over a seven-year period.
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Foreign Trade Zones (FTZ) are designated areas which are considered outside of U.S. Customs territory. Companies that operate in FTZ designated areas can defer, reduce, or eliminate customs duties on foreign products that are brought into the zones for storage, exhibition, assembly, manufacture, and processing. Customs...
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This grant program is intended to help Connecticut supply chain companies with the adoption and integration of IoT solutions. The program will provide matching grants up to $20,000 for hardware, sensors, platforms, and related third-party integration services.
Tax abatements and fixed assessments targeted towards projects with high anticipated job-creation or other economic benefits. Eligible uses include:
Construction, Expansion and Renovation
Facilities & Manufacturing Machinery
Equipment Upgrades
Contact Paige Bronk at 860-446-5960
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Incentive-driven direct loans for projects when there is a strong economic development potential. Eligible investments include:
Planning, engineering, market studies, etc.
Acquisition of property or equipment
Construction, renovation, demolition
Contact Tricia Paesani at 860-270-8215 or patricia.paesani@ct.gov
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Matching (50%) grants for training projects that equip workers to begin or advance their careers—targeted towards economically vital industries with high-growth occupations, e.g., Adv. Manufacturing, Bioscience.
Please contact Bernice Zampano at (860) 263-6732 or via email at bernice.zampano@ct.gov for further assistance with the program. More details,...
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To help keep pace with state-of-the art product development and manufacturing technology, the Manufacturing Innovation Fund Voucher Program provides companies with access to capital to help them obtain new equipment and the expertise they need to become more efficient, productive, and competitive.
Up to...
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Opportunity Zones offer an incentive for development as capital gains taxes derived from qualified investments are deferred for up to ten years, depending on when the initial investment is made.
The State Trade Expansion Program (STEP) grant is designed to help Connecticut’s small business community thrive in the global marketplace by increasing the value of small business exports, increasing the number of businesses that export and increasing the number of businesses exploring significant new trade...
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To support economic development, the Town of Groton may consider the creation of and adoption of Tax Increment Financing (TIF) Districts. TIF is a financing tool that can be used by municipalities to invest in economic development. It allows some or all of public and/or...
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