Connecticut small business lenders offer competitive loans to support business growth.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
Located on the East Coast, Connecticut is the southernmost of the New England area. It is known for many things, including its higher quality of life, tourism, and the exceptional history present here. The Constitution State, as it is officially called, may be the third smallest state, but it is big on character and charm. It’s home to 3.6 million people, many of whom live in the cities of Bridgeport and Hartford. It is also within the New York metro area, which makes it a highly desirable place to live for those who need to commute to the big city.
There are many businesses that make their home in Connecticut. It has a strong real estate industry, energy sector, and tourism industry. The state’s other industries include finance, marine, agriculture, and health. It also is home to numerous educational facilities. Putting all of those big companies aside, though, the state is also home to a large number of small businesses. The U.S. Small Business Administration shares that there are 360,127 small businesses in the state. Those businesses have 741,920 employees that live in the state, for a total payroll of over $39,539,600. That’s an incredible amount of people dependent not on big industry but small companies in Connecticut.
It’s also notable that many of those companies have used small business loans in Connecticut to help fund their growth and success. With the most recent three years of data available from the U.S. Small Business Administration, we learn that there are 1788 small business loans in the state with a total loan volume of $849,369,000. The average loan size in the state is over $475,000. Those funds can be used for many things, such as helping to add new products and services, increasing locations or employees, and perhaps even providing opportunities for new development. These funds are a critical component to the success of the organizations.
Small business loans are a type of funding option that is available to smaller companies, often those with under 100 employees. Borrowers, which are often company owners, request funds, often for specific needs. Small business lenders in Connecticut then provide those loans to the borrower for a fee, charged in the form of interest over the loan period, called the loan term. Most small business loans are in place for 5 to 10 years, though some lenders offer longer terms as well.
Small business loans provide financial support, but they are a way for lenders to earn an income as well. As a result, lenders have to be careful about who they lend to, ensuring that each company they offer a loan to has the financial means to repay those costs. Beyond a doubt, this means gathering as much information about the company in advance of offering the loan.
Through a formal Connecticut small business loan application, applicants will provide a great deal of information about the company, including the industry and business operations, a business plan outlining how the company operates, as well as information on revenue, the history of the company, and the company’s creditworthiness. In some situations, lenders also need to have access to the owner’s personal credit information if the company does not have an established credit history.
With all of this information, lenders can then make decisions about whether to lend to the company. If they decide to do so, they will offer a certain amount and a specific interest rate. Companies then have to decide if the loan fits their needs. Most often, small business lenders in Connecticut prefer to work with companies that are established, generally with at least a year under their belt, as this helps to show the lender the company is financially strong.
A variety of lending forms are available, each one offering different terms and conditions. Some of the most common types of small business loans in Connecticut include:
For small businesses, it is not common to qualify for all types of loans. However, Connecticut small business lenders are typically readily available to offer some form of financial support to companies that are qualified. There are also special options, like the Small Business Express Program, Capital for Change, or a community economic development fund that may provide options.
Plenty of business owners, including those handling nonprofits, need support from outside business loans and other financing options to grow. Whether it’s from start-up funds from themselves or community development grants, many are capable of getting the business off the ground. However, as you grow, small business owners may need additional support from loans. In the state of Connecticut, there are many options for financial business development for entrepreneurs, and lenders or loan funds are popular sources. You’ll need to look at annual revenues to be able to show that you’ve got funds to repay the loan over time.
If you’re not ready to take out a loan just yet for your business needs, but you’re starting to research the application process, review options like loans from the Connecticut Department of Economic and Community Development or the Connecticut Small Business Boost Fund to see what’s required to meet eligibility terms. FInancial institutions support many Connecticut innovations, whether it’s job creation opportunities through an expanding business or new nonprofit organizations helping others.
| Rank | Bank Name | # of Connecticut Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | Webster Bank | 123 | 4.67% | $375,909 |
| 2 | Manufacturers and Traders Trust Company | 75 | 6.57% | $232,251 |
| 3 | TD Bank | 59 | 7.35% | $227,905 |
| 4 | Liberty Bank | 57 | 6.52% | $192,507 |
| 5 | KeyBank | 43 | 5.74% | $392,128 |
| 6 | Thomaston Savings Bank | 22 | 4.22% | $359,095 |
| 7 | Live Oak Banking Company | 19 | 5.47% | $926,474 |
| 8 | Newtek Small Business Finance | 19 | 6.00% | $1,029,810 |
| 9 | Berkshire Bank | 18 | 5.67% | $1,141,000 |
| 10 | Savings Bank of Danbury | 11 | 5.57% | $245,000 |
With multiple locations throughout Connecticut, Webster Bank has the ability to reach all of its customers and provide for their banking needs. Webster Bank offers a number of products for its customers, both in their business banking and personal banking, including loans and wealth management.
We reached out to Webster Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Manufacturers and Traders Trust Company has been in business for 165 years and is also known as M & as M&T Bank operating in 8 states and Washington, DC, with 780 branches. Manufacturers and Traders Trust Company provide a number of banking services through loans, grants, and personal banking.
We reached out to M&T Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
TD Bank was founded in 1852 in Portland, Maine, as a bank to help the community. Since that time, TD Bank has grown to be able to provide all types of services and products to meet the needs of its customers on a broad level all across the country.
We reached out to TD Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Liberty bank was established in 1856 and now has 56 offices in Connecticut and Massachusetts to meet the needs of its customers. With over $7 billion in assets to help customers with products like personal and small business loans, among other products like checking and savings accounts.
We reached out to Liberty Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
KeyBank is headquartered in Cleveland, Ohio, and offers a wide range of banking and investment products to meet the needs of its members. KeyBank provides services for businesses and individuals with products such as small business loans and personal and business checking and savings to meet all of its customers’ needs.
We reached out to KeyBank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Lenders can offer loans to small businesses for many needs, but at the end of the day, companies have to have the tools to manage those funds properly. That is where a variety of resources can help, starting with the U.S. Small Business Administration of Connecticut. You can find a wide range of resources available through this organization, including help establishing business credit, learning about loan use, and gathering information about managing your company’s budget. This is a free resource for all companies in the state.
In addition to this, utilize SCORE, an organization that offers an incredible amount of information and resources on its website to support companies of all sizes. Use the tools there to learn about building your business. There are webinars, seminars, lots of articles, and tutorials to tap into. The organization has a main office in Danbury, but there are lots of resources available right online to start using to build a financially savvy company that’s built on a strong foundation.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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