Why do I need Business Plan?
- To see if you have a viable business idea
- To identify your (and your company’s) strengths and weaknesses
- To assess the market for your product or service
- To size up the competition
- To determine your financial needs
- To attract investors
- To set up milestones and monitor your business
For further assistance:
CTSBDC provides FREE business advice services to both prospective and existing business owners to help them start or expand their business. CTSBDC is funded by the U.S. Small Business Administration, the Connecticut Department of Economic and Community Development and the University of Connecticut. The SBDC program is one of the nation’s largest small business assistance programs in the federal government with a proven track record with 35 years of service to small businesses. Make an appointment today to meet with an advisor, it’s FREE! Their Danbury office 855-428-7232 or their website.
Connecticut Direct Financial Incentives
Connecticut’s economic development, finance and tax organizations provide a range of incentive programs to initiate new business and commercial investment.
Loans, loan guarantees, risk capital, labor training, tax abatements, exemptions and credits, and other incentives including financing and assistance for brownfield remediation are available through the Department of Economic and Community Development (DECD) and Connecticut Innovations. The department assists businesses through several initiatives.
Small Business Express Program
Provides loans and grants to Connecticut’s small business to spur job creation and growth. Small businesses employing not more than 100 employees are eligible, including but not limited to: precision manufacturing, business services, green and sustainable technology, bioscience, and information technology sectors.
The DECD and CI offer a wide array of financing programs for the following activities:
Planning, including but not limited to: feasibility studies, engineering, appraisals and market studies; Acquisition of real property, machinery, or equipment, or any combination; Construction of site and infrastructure improvements related to a municipal or business development project; Relocation expenses for the purpose of assisting manufacturing or other economic-based businesses to locate, construct, renovate, or acquire a facility; Working capital in conjunction with a business development project; and Business support services such as labor training, day care, energy conservation, pollution-control, and recycling.
Risk Capital/Technology Assistance:
Connecticut Innovations, the state’s quasi-public authority responsible for growing Connecticut businesses through innovative financing and strategic assistance, operates programs including:
Early-stage risk capital investments for emerging high-technology companies. Investments are available for high-tech companies in the state seeking between $100,000 and $1 million. Pre-seed financing for startup Connecticut technology ventures. Loan financing of up to $150,000 is available. Venture and mezzanine debt financing is available for high-tech companies that need capital for expansion (of sales and marketing, customer pipeline, product development, etc.).
Bioscience support funds
Business accelerator/incubator to help entrepreneurs turn ideas into businesses. Strategic guidance for early-stage, high-tech Connecticut companies and companies seeking to relocate to Connecticut. Angel Investor Tax Credit Program: Angel investors can take a credit against Connecticut state income tax for certain investments made in qualifying businesses. Investments must be at least $25,000 in order to be considered under the program.
Connecticut State Contact:
Connecticut Department of Economic and Community Development
505 Hudson Street
Hartford, CT 06106
1-800-392-2122 (Connecticut’s Business Response Center)
Incentive and tax information is provided to Area Development by each state’s economic development or commerce agency for information purposes only and is subject to revision at any time by the state government. Please contact the state agency directly for full requirements and offerings.