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Financing
BERC can help you to explore the various
options available for financing your business plans. BERC works closely
with representatives from the business services department of local
banks, as well as the following agencies that specialize in
non-traditional loans:
Connecticut Development Authority (CDA)
The Connecticut
Development Authority can provide Direct Loans, Loan Guarantees, Loan
Participation and Industrial Revenue Bonds. Programs are also available
to finance the remediation and redevelopment of contaminated commercial
or industrial properties. Several programs exist to finance or provide
equity-equivalent investments to supplement capital needs of expanding
or newly formed high technology or information technology enterprises.
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Community Capital Fund
The Community
Capital Fund is a Bridgeport based loan fund that is designed to assist
businesses to expand and relocate to Bridgeport. It can provide
term financing for real fixed assets and permanent working capital as
well as lines of credit. The Community Capital Fund can also provide
financing for environmental remediation to bring Bridgeport sites back
to productive use.
Small Business
Administration
SBA 504 Loans
The SBA 504 program
provides fixed asset, real estate, machinery and equipment, financing at
below market fixed rates. This program allows for equity investments
of only 10% of the total project cost – 50% of project costs are
financed by a private sector lender and 40% are backed by an SBA 504
debenture. Maturities up to 20 years on real estate and 10 years on
equipment are available. Interest rates are based on 30-year debenture
rate. This program must be used for owner occupied real estate. In the
State of Connecticut, this program is administered by the Connecticut
Development Authority and the Housatonic Industrial Development
Corporation.
Community Economic Development Fund (CEDF)
The Community Economic
Development Fund a partnership of the State of Connecticut and several
financial institutions, can provide financing for a wide range of
projects in certain targeted investment and public investment
communities throughout the state. The goal of the CEDF is to revitalize
Connecticut's distressed neighborhoods by providing greater access to
capital, technical assistance to small businesses and support for
community economic development.
MicroLoan Program
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