Finding A Business Loan In Connecticut

Irrespective of location or size, all the states or cities across the globe have realized that rapid business developments and technological advancements are the mantra to growth and so has Connecticut. This consciousness, if nothing else, has imparted a positive attitude towards aspiring entrepreneurs. The key is to have a promising concept and the rest follows. The same principle applies to Connecticut, which has opened all its gates towards any prospective business opportunity. Various steps have been taken to boost the state’s business development and associated financial position.

Towards these aims, the state has developed and promoted the idea of industry clusters, which deploys the concept of industry concentrations. The state anyways is included in the category of productive workforce providers by the virtue of its good education standards and established education institutional setups. Additionally, training is being provided to the educated to build a competitive base and thereby further widen the scope of foreign investment in the state. Obtaining licenses, starting up a new business, acquiring apt training and comprehensive counseling has never been simpler.

In the same direction, another important step has been making finances available with ease. Finding a business loan in Connecticut has been simplified in various ways. Federal and state financing has provided various options to choose from depending upon the area of operations and nature of activity to be undertaken. A Few key ones are enumerated below:

Financing Options Related Information

DECD Financing Inclined towards providing direct loans to projects which imply economic development potential

Office of Business and Industry Development Loans for manufacturing and economic centered business projects

Dry Cleaning Establishment Remediation Fund Program Dedicated towards cleaning functions.
The Connecticut Development Authority Array of loans for working capital, real estate and other equipment

Connecticut Brownfields Redevelopment Authority (CBRA) Enables cash grants for the first two phases of site assessment. Maximum limit is $13,000

Connecticut Brownfields Redevelopment Authority (CBRA) Cash grants Redevelopment & Renewal projects. Maximum limit is $10 million.

Electronic Commerce & Information Technology Initiative Finances are extended towards specified areas of electronic commerce and technology

Urbank Aimed to help small business.

Industrial Revenue Bonds Special bonds
Connecticut Innovations Special focus on technology sectors

Next Gen Caters to sections as venture capital management support

Connecticut Clean Energy Fund Investment fund to promote clean energy
U.S. Small Business Administration (SBA) Special focus on small businesses

SBA Loan Guarantees Aids in startup and growth

Microloan Program Loans provided range from $500 to $35,000

504 Certified Development Corporations Provider of long-term, fixed rate loans

Small Business Innovation Research Program (SBIR) Assists small businesses in technical growth

Small Business Technology Transfer (STTR) Funds for federal innovation research
U.S. Department of Agriculture Programs-Rural Development Loans that support the agricultural initiatives and public amenities like water, housing, etc. The schemes included are Guaranteed Loan Program and Export and Domestic Program.

U.S. Department of Energy (DOE) Special focus on scientific and technological researches. The schemes included are Inventions & Innovations Program and NICE3 Project Grant

Get Smart Before You Start A New Business (Part-02) The Research Stage

I have already written a number of real estate and business articles covering a wide range of topics and you can access these articles by clicking article reference link at the bottom of this page. The link will take you to a menu of my articles here at, which you can scroll through for additional information related to your particular project. This article will cover the preliminary checklist you need to consider before spending or investing any money on a business. This article assumes you are starting a business from scratch and not buying an existing business or franchise.

If you are thinking of starting a business from scratch, here is a suggested order of approach:

1. Invest in at least five (5) (or more) 8.5 x 11 spiral notebooks and some pens and pencils and title them “The Business” “Management”, “Marketing”, “Finance & Legal” and “General Ideas”. You want to keep your thoughts organized by topic and write them down (all of them) as they flow into your thinking–this way you won’t lose them and this will build the data for your business plan. This is a very important step.

2. Gather as much information as possible from the Internet or the local library about the general industry sector you intend to operate. (E.g. manufacturing, distribution, retail or service). Are there sources of raw supplies for your business? Make notes on everything good and bad.

3. Search the net for businesses like the one you are thinking about to determine if there are similar businesses and what the level of competition is. Also check the Thomas Register at for businesses, products and services. From information gleamed from research, request information packages from the competition in order to perform a competitive study (see my article on professional competition analysis). Make notes on everything good and bad.

4. As you research, take note of the things you see that you think are innovative and you could use in your business. Make a determination of the things you will need to compete on a level playing ground. Will you need a website? Will you need a storefront? An office? Will you be based at home? Is there a place that is quiet that you take and receive phone calls without being disturbed? Make notes on everything good and bad.

5. Start to make a list of all the tools, equipment and supplies you will need for your business. Price these products and estimate how much they will cost. Do you have enough money to support these acquisitions? Can you borrow the money (not a good idea) what other ways can you get the supplies that you need (try Ebay). The key: itemize everything, get price estimates and think about this over the short term. Make notes on everything.

6. Carefully consider the systems you will need to run your business including office equipment (phones, computer, printer, fax machine, scanner, software, production equipment, tools, etc. Further consider letterhead, business cards, stationary, and how you will handle inbound/outbound communications. Make notes on everything.

7. From your notes, begin to outline your business plan. This is a rough draft and cover areas like the business, management, the market, sales pro forma projections, etc. You can go to the SBA online and download business plan outlines or you can get business planing ebooks at our website. In either case, get references for creating a business plan. Start to develop a business plan whether you are ready or not. A business plan will take on a life of its own as soon as you begin to develop one. You may run into snags and roadblocks but as you gather more information the plan will start to come together… eventually, you will see the business more clearly over time.

8. Read books about business from authors whom are in business. Typically, those who teach can’t. In other words, if college professors were so knowledgeable about business, they would be out making a million bucks and not teaching, right? A book that I highly recommend to anybody contemplating setting up a business is Think and Grow Rich, By Napoleon Hill. (See my article Think & Grow Rich, What Every Entrepreneur Should Know) The book is a great read and will blow you away with excitement. It costs like $5 for a paper back version and it’s well worth it, trust me on this one….

The key here is to get educated about the business you are thinking about. The chance that you have originated at absolutely unique idea is highly unlikely. That’s why you want to research EVERYTHING before doing ANYTHING. You want to think as clearly as possible about what you are doing (see my article The Power of the 5WH Formula) it shows you how to ask the questions you need to ask to get the answers you need for effective decision making.

Does this article sound like a lot of work? Aha! You haven’t seen anything yet! Many people dream about owning their own business but have no idea of the sacrifice that is paid to just begin intelligently. And really, your business will be built on the foundation of your mind and knowledge base. If you lack business intelligence now, and you refuse to gather intelligence, your business will be retarded and it will fail. Give your business a fighting chance and get Smart before you start!

To your success!

Copyright © 2006 James W. Hart, IV

Business Loans In New Jersey

Finding a business loan in New Jersey can be uncomplicated if you follow certain procedures while applying for the loan. The choice of banks, financial institutions, private moneylenders etc. has made it possible for people to get a business loan that suits their business needs. You can shop around, get quotes and compare rates before deciding which loan to go for.
Loans are short term, intermediate term and long term in nature. To qualify for a loan, you have to present your application in such a way that lenders will be impressed and think your loan is a low risk investment for them.

How to Apply For a Loan:
Write a brief summary of your business and its operations, provide information why you need the loan for example growth, expansion, renovation etc. Describe how you plan to utilize the loan amount, the benefits to the business, how you are going to repay the loan, cash projections to prove repayment will not be a problem etc. Moreover, provide proof that your loan in a low risk investment for them, by submitting your personal and business credit records, proof that your business is a viable and thriving business that can easily repay the loan by providing tax returns and bank statements, tax identification number etc.
It is better to have maintained good credit profile of your business as well as personal life as it can be a deciding factor in granting the loan.

Approach the SBA and look up the yellow pages as well as the Internet to get a list of all banks and lenders in your area. Try hiring a loan broker; although you need to pay some fees, the broker will help you in getting a loan. Try your bank first, as they are familiar with you and can help you get the loan structured the way you want it. If you are opting for a private moneylender, check to see if they have a good reputation and if they will provide you with references.

If you have collateral, use it to get a lower interest rate helping accelerated debt payoff. Be certain to hire an attorney to check the agreement before you sign it. Try to get as good a deal as possible, by negotiating. Check if there are hidden charges and if the interest rate is within the permitted level.

Have a debt repayment plan and make sure you stick to it and are debt free a soon as possible. Good financial management and prioritized spending, operating within a budget etc. will help you accelerate debt payoff. If you manage finances wisely, finding a business loan in New Jersey and Its repayment will be easy.

There are firms that offer services as well as products to run a successful business.