Connecticut Small Business Boost Fund Faqs

by Rino Abdulah April 12, 2023 Posting Komentar

Introduction

The Connecticut Small Business Boost Fund (SBF) was created to help small businesses in Connecticut recover from the COVID-19 pandemic. The fund provides grants and loans to eligible businesses that have been impacted by the pandemic. If you're a small business owner in Connecticut, this article will help answer some of the most commonly asked questions about the SBF.

What is the Connecticut Small Business Boost Fund?

The Connecticut Small Business Boost Fund is a program created by the state government to help small businesses in Connecticut recover from the COVID-19 pandemic. The fund provides grants and loans to eligible businesses that have been impacted by the pandemic.

Who is eligible for the Connecticut Small Business Boost Fund?

To be eligible for the Connecticut Small Business Boost Fund, a business must meet the following criteria: - Have fewer than 100 employees - Have been in operation for at least one year - Have experienced a revenue loss of at least 20% due to the pandemic - Be registered to do business in Connecticut - Be current with all state and local taxes

What types of businesses are eligible for the Connecticut Small Business Boost Fund?

Most types of businesses are eligible for the Connecticut Small Business Boost Fund, including but not limited to: - Restaurants - Retail stores - Personal care services (e.g. salons) - Hospitality businesses (e.g. hotels) - Entertainment businesses (e.g. theaters)

What is the maximum amount of funding a business can receive?

Businesses can receive up to $10,000 in grant funding or up to $50,000 in loan funding from the Connecticut Small Business Boost Fund.

How can a business apply for the Connecticut Small Business Boost Fund?

Businesses can apply for the Connecticut Small Business Boost Fund through the state's official website. The application process is straightforward and requires basic information about the business and its financial situation.

What can the funding from the Connecticut Small Business Boost Fund be used for?

The funding from the Connecticut Small Business Boost Fund can be used for a variety of purposes, including but not limited to: - Payroll expenses - Rent or mortgage payments - Utilities - Inventory - Marketing and advertising expenses

What are the repayment terms for the loan funding from the Connecticut Small Business Boost Fund?

The loan funding from the Connecticut Small Business Boost Fund has a repayment term of up to 60 months with an interest rate of 0%.

When is the deadline to apply for the Connecticut Small Business Boost Fund?

The deadline to apply for the Connecticut Small Business Boost Fund is currently December 31, 2023. However, it's worth checking the state's official website for any updates or changes to the deadline.

What other resources are available for small businesses in Connecticut?

In addition to the Connecticut Small Business Boost Fund, there are other resources available for small businesses in Connecticut, including but not limited to: - The Connecticut Small Business Development Center - The Connecticut Economic Resource Center - The Connecticut Department of Economic and Community Development

Conclusion

The Connecticut Small Business Boost Fund is a valuable resource for small businesses in Connecticut that have been impacted by the COVID-19 pandemic. If your business meets the eligibility criteria, we encourage you to apply for the funding and take advantage of this opportunity to help your business recover and thrive.