CEDF is Connecticut's leading originator for five years in a row
The program provides financing up to $50,000 to help small businesses start up or expand. The minimum amount is $1,000, however we generally do not encourage loans below $3,000. The maximum repayment term allowed by the SBA is six years.
How can I use the term loan proceeds?
- Working capital
- Inventory or supplies
- Furniture or fixtures
- Machinery or equipment
- However, proceeds cannot be used to pay existing debts or to purchase real estate.
How do I know I'm eligible to apply for a loan?
I am eligible. What do I do next?
- Submit a Loan Inquiry Form.
- Print the Loan Application along with the applicable documents.
- Complete the Loan Application. Don't forget all of the needed supporting documents. See the checklist provided. Submit your completed application package to:
CEDF, Attention: Karen Tessman, Director of Lending, 965 East Main Street, Meriden, CT 06450
|SBA Microloan||Working capital (including start-ups), inventory, equipment||$1,000 up to $50,000||Fixed||Up to 6 years||Monthly payment of principal and interest. Cannot revolve, no balloon or call provisions. No prepayment penalty.|
|Commercial Real Estate Loan||Purchase of owner occupied commercial real estate property||Up to $500,000||Fixed||Up to 20 years||Monthly payment of principal and interest. Cannot revolve, no balloon or call provisions. No prepayment penalty.|
|Line of Credit||Seasonal or cyclical operating cash flow needs||$5,000 up to $250,000||Variable||Short-term financing; one year renewable||Monthly payment of interest only, only on the amount outstanding. The line revolves as you use it and repay it. No prepayment penalty.|