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How is CTCIC different from banks and other funding sources?

CTCIC is a private, non-profit economic development lender. CTICIC considers non-traditional collateral and offers a flexible loan structure. The rates and fees are generally competitive with bank rates for similar loans. CTCIC also provides business counseling, training, and technical assistance to help borrowers improve their capacity to succeed in business before and after funds have been disbursed.

Banks are for-profit entities that are chartered by the government (federal or state) and have the primary goal of maximizing returns to their shareholders. Because CTCIC receives its funding from the Small Business Administration (SBA), loan applicants must meet various eligibility criteria for the MicroLoan programs. As a result, documentation that a bank would not normally require from a loan applicant must be obtained by CTCIC in order to justify the extension of a loan to the Borrower.

Why should I get a loan from CTCIC?

CTCIC is strategically linked to every business development program in the State of Connecticut. Our Business Counselors have years of experience in almost every kind of business and business related issue. Our Loan Officers bring more than 50 years of banking industry experience to CTCIC. And all of this experience is at your disposal! We work hard to match you and your business with the resources you need.

How much can I borrow and for how long?

CTCIC will make loans for up to $35,000 depending on the needs of the business. Repayment terms are flexible based on cash flow and use of funds.

Is my credit history important?

Business owners must have a good personal credit history. Any incidents of poor credit must be explained to the satisfaction of CTCIC. In addition, business owners must demonstrate good character, management expertise and commitment to the business.

You should check your credit history before applying for any loan and clear up any mistakes that may adversely affect your ability to borrow money. The service is available annually to individuals free of charge. Check Credit History Now

Do I need collateral?

Yes, we will ask you to pledge your business assets to secure a loan. Offering assets such as your automobile, home, or other real estate makes us feel that you are as confident in your business as you would like us to be.

Do I need a business plan?

A business plan is necessary for start-ups and can be very useful for existing businesses, especially when major changes are planned. A business plan outline can be found in our Business Resource Center and our Business Counselors are available to help you throughout the process of writing your plan. A business plan does not have to be lengthy, but should outline your goals and business direction.

Can CTCIC Business Counselors write my business plan for me?

Our Business Counselors are skilled in the development of business plans. They are able to provide you with excellent advice on how to write a business plan, and will assist in reviewing draft and final copies of your business plan. However, they cannot write it for you.

CTCIC frequently conducts or participates in seminars and workshops on Business Planning.

How about confidentiality? I don’t want the world to know everything I discuss with the Business Counselor, especially if I provide financial or proprietary information about my business.

All client information discussed by the client with Business Counselors and Loan Officers is confidential.

How long does the approval process take?

Visit our Loan Programs for information on how the process works.

Is my business required to be located in Connecticut to qualify for a loan?

Yes, the business must operate in the state of Connecticut to qualify for a CTCIC MicroLoan or Childcare MicroLoan.

Is there a fee to apply for a loan?

No. CTCIC does not charge an application fee.

How much does it cost to discuss my business questions with a Business Counselor?

Nothing! These services are at no charge to prospective borrowers.

Does CTCIC provide grants?

No, CTCIC provides loans to qualified applicants.

What is CTCIC’s Area of Operation?

CTCIC operates in the entire state of Connecticut and certain counties in Rhode Island.

How do I apply for a Loan?

Contact CTCIC and inquire about financing.