Small Minority Business Financial Assistance Program (SMBFAP)
Program funded by the Department of Economic and Community Development (DECD)
The SMBFAP provides opportunities for minority-owned and/or women-owned entrepreneurs/business owners around the state of Connecticut to gain access to capital in order to start or grow their business. State wide funding.
Type of Loan: Term and Line of Credit
Amount: Up to $150,000
Interest Rate: Fixed 3%
Loan Maturity: Up to 10 years
Pre-Requirements to obtain a loan through this program:
The business is officially registered as such and operates legally.
The business is physically located and operates in CT.
The business owner has invested their own time or money into the business.
Must be a For-Profit type of business.
Principals with 50% or more ownership must not be more than 60 days delinquent on child support.