Small businesses are the engine of job growth, drivers of innovation, and the backbone of communities throughout Connecticut. To ensure that more minority-owned small businesses can have resources available to help them grow and thrive, the state of CT and the Dept. of Economic and Community Development (DECD) have established the Minority Business Revolving Loan Fund (MBRLF).
The objective of this program is to expand to minority small businesses in a greater number of cities and towns in CT, with particular attention to serving currently underserved + unserved small businesses. The MBRLF Program will support this CT business development growth by driving increased access to capital, in alignment with Minority Business Initiative strategic goals.
MBRLF Program objectives will be executed via the partnership of 3 strategic organizations:
Program will think of success as:
- A minority business has access to capital to grow and succeed!
- A minority business has the knowledge to grow and succeed!
- A minority business has access to resources to grow and succeed!
BBA - Program Facilitator
The BBA will be the MBRLF program administrator and also assist DECD continue to expand financial assistance to minority small businesses across CT. BBA will accomplish this as follows:
- Organize and provide general workshops or events to help market the MBRLF
- Spearhead statewide outreach and awareness of the MBRLF and other DECD small business resources
- Facilitate the intake of qualified leads and candidates for this program
- Provide statewide workshops and technical assistance for minority businesses as follows, to name a few:
- Access to Capital
- Starting a Business
- Business plan writing
- State and federal contracting
**PLEASE NOTE: All applicants who cannot be qualified for funding at outreach events will be referred for technical assistance to the appropriate entity
Becoming a Candidate for the MBRLF Program
MBRLF Program is targeted for minority, small businesses that have been in business at least 1 year and have less than 100 employees. Candidates can ask for funding up to $100K.
If a business is interested in becoming a recipient of this MBRLF program, the following criteria will be reviewed to qualify a business for financing:
- Professional experience > 3 years
- Loan repayment up to 10 years max at an interest rate 4%
- Cost coverage (by owner / small business) of funding request between 10 - 25%
report / backgroundcheck.
- MBRLF will use credit checks to confirm no liens exist against a business’ credit
- If tax liens or child support exists, a payment plan in writing from the courts must be in place
- Business plan or summary
- Use of Funds. This is a detailed description for how monies will be spent.
To begin the qualification process, a business must fill out an intake form and meet with a BBA representative, who will work with the candidate to facilitate the process. Only complete intake forms with all necessary information will the process.
If there are any questions or concerns about the MBRLF process, please contact the Black Business Alliance and a representative will be in touch to respond to your inquiry. Inquiries can be completed on the site by clicking on the button below