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Funding Opportunities

Funding Opportunities

Learn about where you can access loans & grants to help during this pandemic.

There are a number of opportunities to receive COVID-19 related working capital for your small business or nonprofit.
We are here to help you identify which funding opportunity is best for you, and assist you preparing and submitting your application.

 We know this is a journey, but we will be by your side.

Call us at (203) 751-9550, (203) 353-1750, (860) 574-9246, or email adesena@ctwbdc.org to book a no-cost, 1:1 counseling appointment to receive assistance with funding opportunities.

This page is updated regularly so please continue to check back for more info, and scroll down for additional loan & grant opportunities

CARES Act Funding
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, opening up additional funding opportunities for small businesses.

Key highlights:

Paycheck Protection Program (PPP)
This program provides up to $10 million in government-backed loans per eligible small business to help employers maintain payroll during this emergency. These emergency loans do not require a personal guarantee or collateral. They are offered at a max 10-year term with a max interest cap of 4%, zero loan fees and zero prepayment fees. In addition, a portion are forgivable when used to maintain payroll through June. 

  • – Gather your financial documents and contact your banker to apply – sample application here.

  • – Review U.S. Treasury guidance on how to calculate payroll costs by business type here.

  • – Download Fact Sheet for borrowers here. 

  • – Access more comprehensive FAQs for borrowers & lenders here.

  • – Read April 24th article and April 6th article in Entrepreneur magazine about preparing your PPP application. 

  • – April 23rd article about how to get the second-round of PPP funds as a Sole Proprietor.

SBA Emergency Injury Grants
SBA is providing an emergency advance of up to $1,000 per employee to small businesses and private nonprofits harmed by COVID-19. Funds are deposited to your bank account within two weeks of applying for an SBA Economic Injury Disaster Loan (EIDL). The application portal for this forgivable grant is anticipated to reopen by Friday, May 1 here. Basic business/banking information required in a 2-page application. You can take advantage of this even if you decide not to go forward in accepting an EIDL.

SBA Economic Injury Disaster Loans (EIDLs)
SBA is providing small businesses and private nonprofits fixed low-interest disaster loans of up to $2 million, including up to $25,000 with no collateral. Loans are being approved simply with a credit score of at least 560, and loans smaller than $200K don’t require a personal guarantee.  Additionally, small businesses and private non-profits can receive an emergency advance (grant) of up to $1,000 per employee for a max of 10 employees within two weeks of applying for an EIDL.
Application portal is anticipated to reopen by Friday, May 1
here.

Download a simple summary of the CARES Act here, a more in-depth summary including how to calculate payroll costs for PPP here, and the complete small business owner’s guide to the CARES Act here

Community Investment Corporation (CIC) Loans
CIC is an SBA-approved non-bank lender, and partner of WBDC, offering microloans  to multi-million-dollar commercial loans to businesses based in Connecticut and/or Rhode Island. They are committed to serving the under-served – in fact, over the past three years, 75% of CIC’s microloans went to start-up, women-owned, and minority-owned businesses. Learn more here

MicroNOW Loans:  Get up to $15K in just 2 weeks, through fixed interest loan of 8.125% with no pre-payment penalty.

  • Eligibility:
    – Business open for at least 1 year
    – Personal credit score of 650+
    – Zero late payments in the last year

Three other business loan programs available, depending on your needs.

Hello Alice Business for All Emergency Grant 
Hello Alice is offering $10K grants for small businesses (for-profit) severely impacted by COVID-19, along with ongoing support from the Hello Alice entrepreneur/small business community. Learn more and apply online here!  

  1.  You may be required to create a free online account with Hello Alice to complete the application, but doing so will also open you up to a host of resources.
  2. No additional documentation is required to be provided at time of application. In addition to basic information about you, your business, and beliefs as they relate to your business and support for your business, the application will ask for the following in multiple-choice & short-paragraph form: most-pressing business expenses, anticipated capital needed, how you may have pivoted your business model, desired government support, and the biggest impact COVID-19 has had on your business.
  3. Hello Alice also offers Business for All grants of up to $50,000 to a select few businesses and business support organizations each year.

Kiva Loans
As a community-based lending non-profit, Kiva is offering 0% loans of up to $15,000 to entrepreneurs.  Applications are a multi-stage process – if you’re pre-qualified, you will  fill out an application.  Then there is an opportunity to prove your creditworthiness by inviting friends and family to lend to you, and then go public on Kiva, making your product visible to over 1.6 million lenders worldwide.  You are required to create an account with Kiva to access the application.  Learn more.

Application Details:

  1. Basic info about you and your business, including proof of business status.
  2. Basic financial about you and your business, including credit score, income, expenses.
  3. PayPal account (You can create one right before applying!)

Note:  While Kiva’s application process does not require a credit score, collateral, tax returns, business plan or social security number, providing this information may increase the loan size you could be approved for.

Don’t forget to bookmark this page, and our COVID-19 Resources page to stay in the know. Also follow us on social media to get the latest updates.  Our 2pm daily update brought to you on Facebook and LinkedIn.