Small Business Finance News
Connecticut Entrepreneurs To Get More Funding Opportunities
Written by Jenna Weiner
Southeastern Connecticut Enterprise Region sets up new loan program
Small businesses in Connecticut will soon have a new way to get funding, according to an announcement by a regional economic development agency.
The Day reports that the Southeastern Connecticut Enterprise Region is offering new loans for up to $100,000 as part of the new Connecticut Credit Consortium. The program was created by the Department of Economic Development and will be managed through different agencies across the state.
The loans may last for up to 10 years, will have a fixed rate of 4 percent and can also be combined with other loan programs.
The Southeastern Connecticut Enterprise Region's executive director, John Markowicz, said that his group was pleased to give more opportunities to entrepreneurs.
"We are very pleased to be able to offer a new source of funding to many small businesses in southeastern Connecticut who need assistance to grow in the region," Marowicz said, according to the news source.
Organizations in other states have been increasing the amount they lend. Union Bank recently announced that it would be using funds from the U.S. Small Business Administration to lend money to entrepreneurs in California.
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