According to Stamford Patch, the Stamford Downtown Special Services District’s Retail Advancement Program Retail Advancement Program and several NBC Sports small business initiatives may be saving graces to Stamford’s downtown entrepreneurs.

The Bridal Suite’s Marilyn Lodato, featured in the article, doesn’t claim to know much about Stamford Downtown Special Services District’s Retail Advancement Program, or what NBC’s move to Stamford will mean for local small business, but she likes the sound of both.

“The DSSD is very helpful, very involved…they’re always trying to do different things on the street,” Lodato said. Lodato, who has owned The Bridal Suite since 2010, stated that she’s active in DSSD projects when DSSD makes her aware of them.

“We will be giving three $50,000 startup grants to retailers who have a concept and a working history,” DSSD’s Sandy Goldstein said. Goldstein believes that the Retail Advancement Program plays to DSSD’s purpose.

“Our goal is to revitalize downtown, and to provide an environment that increases the value of real estate downtown,” Goldstein, also acknowledging that new business creates new jobs. “Tonight, we’re going to the planning board. We’re trying to get a regulation that will lower parking requirements for downtown developers.” [Read more...]

On September 26, 2011, the Board of Directors of the Connecticut Development Authority (CDA) approved an increase of the automatic enrollment from $350,000 to $500,000 in their Small Business Loan Guarantee Program, also known as URBANK.  URBANK is designed to help small entrepreneurial businesses gain access to financing ranging from $20,000 – $500,000 that would otherwise be unavailable by greatly reducing the risks to the lender. 

Later this month, CBIA will be offering two programs to help you and your business learn about URBANK and various types of commercial financing available to you and how to acquire them while avoiding the pitfalls that can be trouble for borrowers.
When and where:

Wednesday, October 12, 2011 | Registration: 8:15 to 8:30 am | Program: 8:30 to 10:30 am | CBIA, 350 Church Street, Hartford

Thursday, October 20, 2011 | Registration: 8:15 to 8:30 am | Program: 8:30 to 10:30 am | Blum Shapiro, 2 Enterprise Dr., Shelton [Read more...]

Connecticut companies that export products to different parts of the world or those that are currently looking into exporting to foreign markets, should know that Governor Malloy has announced that the Small Business Administration (SBA) has awarded a $546,822 grant to Connecticut to help increase state exports and the number of small businesses that export. 

“Connecticut has a diverse industrial base and an innovative and highly productive workforce that is already exporting its products around the world.  But there is potential to grow,” said Governor Malloy in a press release.  “As exports are an engine of growth, I believe this new program and the resources it provides will create economic optimism by helping even more Connecticut companies capitalize on their products, expand their markets, and increase their value in the highly competitive global marketplace.” [Read more...]

According to the Hartford Business Journal, Hartford Economic Development Corp. Inc. is accepting applications from city-based businesses with five or fewer employees who want to borrow from its newly established $500,000 micro-loan pool, authorities say.

HEDCO was certified Thursday as a Connecticut intermediary lender under the U.S. Small Business Administration’s Microloan program.

The SBA certification qualified HEDCO to receive a $500,000 SBA loan that the agency will repackage into smaller term financing to qualified Hartford-based businesses only, said Samuel C. Hamilton, HEDCO’s executive director.

The program is an offshoot of President Barack Obama’s jobs stimulus package passed last September to boost U.S. employment, officials said. [Read more...]

CDA Receives $13 Million Federal Allocation to Support Small Business Lending…

This week, the U.S. Department of the Treasury and Governor Dannel P. Malloy announced the approval of Connecticut’s State Small Business Credit Initiative (SSBCI) application. Connecticut’s planned use of the SSBCI funds will help create new jobs  and is expected to spur more than $133 million in additional small business lending here in Connecticut. The SSBCI program, which supports state-level small business programs, is an important component of the Small Business Jobs Act that President Obama signed into law last fall.

“These critical funds will help Connecticut small businesses access the capital they need to expand their operations, create new jobs, and continue supporting our nation’s economic recovery,” said Treasury Secretary Tim Geithner. “Public-private lending partnerships, such as the State Small Business Credit Initiative, have a proven track record of success, and I’m pleased that this funding is on its way to support economic growth in Connecticut.” [Read more...]

Last week, there was some good news on the lending front for small businesses in southwestern Connecticut.  Meriden-based Community Economic Development Fund announced it was committing $4 million dollars to invest in small businesses that have a low to moderate income level but can’t obtain loans through conventional banks.

The Southwestern Connecticut Segmented Loan Fund will make available working capital of up to $250,000 and is looking to assist businesses ranging from retail stores to small manufacturers. Businesses in Stamford, Bridgeport, Danbury, and the surrounding communities are eligible.  Businesses not located in specific communities are eligible if they meet income guidelines. [Read more...]