Small Business Incentives
Small Business Express Program (EXP)
The Connecticut Department of Economic & Community Development (DECD) provides loans and grants to spur job creation and growth. To be eligible a business must have no more than 100 employees, be registered to conduct business for at least 12 months, and be in good standing with all state agencies and taxes.
Priority for funding will be given to eligible applicants that are creating new jobs and that are within Connecticut’s economic base industries, as defined in Connecticut General Statutes 32-222, including but not limited to: precision manufacturing, business services, green and sustainable technology, bioscience, and information technology sectors. Below are the three EXP program components in more detail.
EXP provides loans ranging from $10,000-$100,000 for the purchase of machinery and equipment, construction, leasehold improvements, relocation costs, working capital and other approved business-related expenses. The interest rate of loans is typically 4% and the term can be up to 10 years.
EXP provides loans ranging from $10,000-$300,000 for training, marketing, working capital, and other approved business-related expenses. Businesses must be creating jobs and maintain them for at least 12 months. The interest rate of loans is typically 4% and the term can be up to 10 years. At the discretion of DECD up to 50% of a loan can be forgive based on the attainment of job creation goals.
EXP provides grants ranging from $10,000-$100,000 for the purchase of machinery and equipment, construction, leasehold improvements, working capital, training, relocation within the state and other approved business-related expenses. Businesses must match the grant award on a dollar-for-dollar basis. Applications will be prioritized based on the likelihood that a business will maintain job growth.
The Small Business Administration (SBA) 504 Loan Program provides approved small businesses with long-term, fixed-rate financing used to acquire fixed assets for expansion or modernization. 504 loans are made available through Certified Development Companies (CDCs), SBA’s community based partners for providing 504 Loans.