Whether you own a restaurant in New Haven or a retail shop in Hartford, it’s likely your Connecticut-based business has some competition.
In a time when businesses are doing all they can to keep customers coming back, many need capital. Sometimes, there just isn’t enough in the bank, though.
Here are several top lenders to consider when you’re in search of Connecticut (CT) small business loans.
Connecticut’s Small Business Landscape
Connecticut is home to more than 350,000 small businesses, which employ 48.5% of the state’s employees, according to data from the U.S. Small Business Administration (SBA). Self-employment rates in the state range from 7.4%-12.8%.
Industries contributing greatest to small business employment include the following:
- Health care and social assistance
- Food services and accommodation
- Retail trade
- Professional, scientific and technical services
Additionally, about 5,000 small businesses were involved in exporting goods from the state.
5 Banks for CT Small Business Loans
1. Jewett City Savings Bank
If you’re looking for a top SBA lender in Connecticut, head here. Jewett City Savings Bank isn’t only accredited by the Better Business Bureau (BBB), it’s earned the organization’s A+ rating. Additionally, WalletHub reviewers have given the institution a 4.8-star rating.
Business financing options include the following:
- Term loans
- Letter of credit
- Working capital loan
- Single payment loans
- Commercial line of credit
2. Milford Bank
This bank has 5 branches in Milford and 1 in Stratford. It’s A+ rated by the BBB and it’s earned a 4.7-star rating on WalletHub. The following loan options are available here:
- Term loans
- Short-term loans
- Letters of credit
- Commercial mortgages
- Seasonal lines of credit
Chase snagged a spot on WalletHub’s Best Banks in Connecticut list as well as the No. 51 spot on Forbes’ America’s Best Banks of 2021 list.
If you’re looking for SBA loans in CT, you’ll find them here, as well as the following loan types:
- Business loans
- Business lines of credit
- Equipment financing
- Trade financing
- Commercial real estate loans
4. People’s United Bank
This Connecticut bank has earned an A+ rating with the BBB, where it’s also accredited. It also ranks No. 73 on Forbes’ America’s Best Banks of 2021 list.
Whether you’re in search of SBA loans in CT or another funding type, look here. Other options include business loans, lines of credit, business credit cards and commercial mortgages.
5. Webster Bank
Webster Bank ranked 89th on Forbes’ America’s Best Banks of 2021 list and earned the BBB’s B rating. Funding available includes small business term loans and lines of credit, business credit cards, SBA loans, equipment financing and commercial real estate loans.
How to Get a Small Business Loan in the State of Connecticut
Conventional lenders, such as the banks above, may be the first that come to mind when you’re in need of a business loan. After all, it seems like most towns have at least one.
However, while they’re often able to offer competitive rates and terms, the qualification requirements can be challenging for many business owners to meet.
Alternative lenders are a popular go-to for business owners in need of financing. That’s because they’re able to streamline the application and funding process, providing approved applicants quick access to capital.
Short-term financing, such as merchant cash advances, for instance, could be funded within the same day of approval in some cases. For the convenience of speed and less strict requirements, applicants should expect higher rates, more frequent payments and shorter terms.
Applying for CT Small Business Loans and Financing via Fast Capital 360
Whether you’re searching for a merchant cash advance in Connecticut or an SBA loan, Fast Capital 360 can help.
Our name says it all. Apply quickly online. If you’re approved, you could have your funding as fast as the same day in some instances.
We partner with reputable lenders throughout the country. That means you could be presented with multiple offers.
Review your funding offers with your dedicated Fast Capital 360 Business Advisor. Go over the details and choose the option that’s best for your business.
Get Your Business Loan Faster
Additional Resources for Connecticut Entrepreneurs
Here are a few other resources in the state that can help you grow your business, whether you’re a startup or a long-time business owner.
Hartford Economic Development Corporation
The business development organization known as HEDCO provides technical and financial assistance to Connecticut business owners, offering loan programs with funding up to $150,000.
Entrepreneurs also may benefit from 1-on-1 consultation and training on such topics as business plan development, bidding, accounting, contract negotiation and more. The organization also launched a contest calling all early-stage entrepreneurs for the chance to win $10,000.
If you own a company in the state of Connecticut, small business loans don’t alway come easy. If you’ve been denied for other financing, consider Connecticut Innovations, the state’s strategic venture capital arm.
Based in New Haven, this organization offers grant programs and venture financing to small business owners, such as the following:
- Equity financing
- Startup support
- Pre-seed investing
- Venture debt funding
- Bioscience innovation funding
- Innovation research grants
This nationwide nonprofit organization has been dedicated to helping small business owners since the 1960s, more than 11 million to be exact. Connecticut entrepreneurs can take advantage of individualized business consulting, networking events, training workshops, educational resources and more.
Head to a branch in one of these areas:
- Greater Hartford
- New Haven
- Western Connecticut
- Northwest Connecticut
- Southeastern Connecticut