Lending Power | Loan Programs & Leadership for small business

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SBA 504 Current Rate:

4.596%

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EDA Loans offer flexible capital for small businesses with up to 90% financing

CONSERVE CASH FOR WORKING CAPITAL

WITH UP TO 90% FINANCING

Economic Development Administration (EDA) Loans offer flexible capital for small businesses in an effort to promote economic development through job creation and through encouraging private sector investment.  The Naugatuck Valley Fund is available in the following targeted towns and cities in Connecticut:

Litchfield County

  • Barkhamsted
  • Bethlehem
  • Canaan
  • Colebrook
  • Cornwall
  • Goshen
  • Harwinton


Fairfield County

  • Bridgeport
  • Easton
  • Fairfield
  • Monroe
  • Shelton
  • Stratford
  • Trumbull

 

New Haven County

  • Ansonia
  • Beacon Falls
  • Cheshire
  • Derby
  • Middlebury

 

  • Litchfield
  • Morris
  • New Hartford
  • Norfolk
  • North Canaan
  • Plymouth
  • Salisbury

 

Hartford County

  • Bristol
  • Burlington
  • Hartland
  • Southington

 

 

 

 

  • Milford
  • Naugatuck
  • Oxford
  • Prospect
  • Seymour

 

  • Sharon
  • Thomaston
  • Torrington
  • Watertown
  • Winchester
  • Woodbury

 

 

 

 

 

 

 

 

 

 

  • Southbury
  • Waterbury
  • Wolcott

The Naugatuck Valley Fund's sister fund, known as the Defense Diversification and Adjustment Revolving Loan Fund (Defense Fund), also promotes economic development through job creation and through encouraging private sector investment.  This fund targets small businesses serving the defense industry although it is not limited strictly to defense related businesses.

CIC Defense Fund is available to companies located in the following cities and towns in Connecticut:

  • Bethany
  • Branford
  • East Haven
  • Guilford
  • Hamden
  • Madison
  • New Haven
  • North Haven
  • North Branford
  • Orange
  • West Haven
  • Woodbridge
 
 

EDA Loans can be used for:

  • Real estate; both land and buildings
  • Renovation and/or expansion of your current business space
  • Purchase and installation of machinery & equipment
  • Working capital

EDA Loans are often combined with loans from other lenders to create a total financing package. CIC works closely with lenders to put together a package that works best for the borrower.


Advantages

  • The total financing package can be as high as 90% of the cost of the project, allowing a small business to conserve cash for working capital or other expansion needs
  • The interest rate on the EDA Loan is fixed, eliminating the risk of rate fluctuation*

*Both the fixed rate and the term of the EDA Loan are market driven.


Eligibility

  • The business must be in one of the EDA Loan Territories
  • The borrower must demonstrate that the loan will:
    • Help your business create jobs as part of a business expansion; or 
    • In the case of a Defense Loan - Assist the business to become less dependent on defense contracts and related work

The quickest and easiest way to see if a business and a project are eligible for an EDA Loan is to contact CIC. The financial staff will determine whether an EDA Loan or a different program is the best financing solution for a business.

MAKE THE PROJECT POSSIBLE

These templates help borrowers get started on the first steps of the loan process. 

CIC is an economic development lender contributing financial expertise and practical guidance to small business entrepreneurs in Connecticut and Rhode Island who have powerful ideas and need more power to grow them.