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Are you looking for Connecticut’s best business loans & startup financing companies? For your small business in the Constitution State, many banks, credit unions, and unconventional lenders are offering different loan types. Did you know that over 47.5k small businesses were registered in Connecticut in 2021? This number started increasing rapidly in the post-COVID era.

Understand the unique features and benefits of different loan types to empower your business. That’s how you choose the best lender for your business. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 11 business loans and startup financing options in Connecticut to get started. Check our reviews of these lenders to decide which one’s the best option for you:

1. Swoop Funding

Swoop Funding is every Connecticut-based small company’s top startup financing option. It will offer entrepreneurs a range of funding solutions to meet their needs. You can access many loan types, including traditional term loans & innovative financing options with a simplified process.

At Swoop Funding, you can get $5k to $500k as a small business. Moreover, you have to have a credit score of 600+ with the company’s annual revenue being $50k (at least). Even if it’s been 6 months since you started this business, Swoop will consider your loan application! However, it is important to talk directly to Swoop’s experts to determine your creditworthiness.

2. Fairfield County Bank

If your bank is located in Connecticut’s Fairfield County, then you should get in touch with this lender to ensure that you have access to much-needed funds to run business operations with ease. You can apply for term loans if you have business expansion plans that require a lot of cash immediately. So, get the capital you need with an extended period of payment.

3. Liberty Bank

At Liberty Bank, the average rate of interest is around 6.50%. The average loan amount that this bank approves is $192,000. However, it was established before the Civil War and currently has 50+ branches across Massachusetts and Connecticut. It offers you an express loan of up to $250k if your business needs a quick cash injection. You may open a new line of credit, too. Line amounts range from $10,000 to $1,000,000.

4. Patriot Bank

This lender helps startups based in Fairfield and New Haven Counties of Connecticut. Also, it is partial to businesses in Scarsdale, New Look. look into their services and what kind of services Patriot Bank offers local establishments. 

5. Webster Bank

We’ve mentioned this lender before. It offers an interest rate of 4.67& while the average amount they approve as a loan is somewhat around $376,000. Webster is a leading lending partner in the New England region which means they provide ample funding to startups located in Connecticut, Maine, Massachusetts, Vermont, and other states. So, get in touch with this lender to see what they have in store for you.

6. Berkshire Bank

This lender offers you an interest rate of 5.67% (on average). However, the loan amount often approved by Berkshire Bank is $1.14 million. That’s why we’ve mentioned this lender again. It is operational in New England, offering financial backing to Vermont, Connecticut, Rhode Island, & Vermont startups. If you need up to $500k in funding, Berkshire Bank has a very simple process to apply. This way, you can access much-needed funding hassle-free.

7. Ives Bank

Ives Bank provides you with ample financing services in Connecticut. So, you can easily invest in the Constitution State’s commercial real estate market via the ample funding provided by this lender. Here’s how Ives Bank will help you achieve your business goals:

• Construction financing terms vary by project but typically run 12 months
• Permanent financing may extend to 20 years, depending on the amount
• Choose between fixed and variable rates
• Finance up to 80% of the appraised value of the completed project

8. TD Bank

TD Bank is yet another major financier in the Nutmeg State. However, the average interest rate here is more than 7.00% while the average loan amount is below $230,000. That’s why we have ranked this lender as #8 on our list. However, established in Portland, Maine, this lender can give you access to ample funding in terms of SBA 7(a) and 504 loans. It claims to give you up to $5 million as a loan.

9. Connecticut Community Bank

At CCB, you can access ample funding options in terms of SBA lending and commercial term loans. This lender, as the name indicates, caters to startups located in the Nutmeg State. If you need a quick cash injection, then you can get in touch with Connecticut Community Bank. This lender will give a letter of credit or allow you to open a new line of credit hassle-free.

10. First County Bank

This business can give you access to term loans so you can start your new business and take it to new heights of success. You can apply for term loans, open a new line of credit, learn about commercial mortgages, take out construction loans, get a revolving line of credit, or make sure that your business is 24/7 financed.

11. Thomaston Savings Bank

This lender offers you a low rate of interest (4.22%). Also, the average loan amount here is 360 thousand dollars. Thomaston folks have sixteen convenient locations throughout Connecticut. So, you can easily visit your nearest branch in person and apply for a hefty loan.

Connecticut Government Resources

Check out these government resources about business grants/funding and startup financing options in Connecticut:

• Business Funding in Connecticut
• Federal Resources to Eastern Connecticut
• Get Incentives & Funding | New Haven, CT
• Resources for Business & Growth | East Hartford, Connecticut

Top Cities in Connecticut for Business Loans

Curious to know which cities, census-designated places, or municipalities in Connecticut are the best for business loans & startup financing? If you live in any of these 30 cities, then you can easily access SBA loans or other nontraditional financing means to embark on your entrepreneurial journey:

1. Hartford
2. Bridgeport
3. New Haven
4. Stamford
5. Waterbury
6. Norwalk
7. Danbury
8. New Britain
9. West Hartford
10. Meriden
11. Bristol
12. Manchester
13. West Haven
14. East Hartford
15. Milford
16. Enfield
17. Middletown
18. Torrington
19. Shelton
20. Fairfield
21. Naugatuck
22. South Windsor
23. Wallingford
24. Windsor
25. New London
26. Groton
27. Cheshire
28. Stratford
29. Bloomfield
30. Rocky Hill

Conclusion

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in the Nutmeg State in this economy.

Now, choose a lender that offers you flexible loan terms and interest rates. Check their online reputation, customer service, interest rates, and other factors. If something needs to be clarified, get in touch with Sophisticated Investor to understand how to get your entrepreneurial dreams funded quickly. That’s how you can take your business to new heights of success.