If you have a business idea that you want to launch into action but don’t know where to start, Connecticut offers many state-sponsored opportunities for entrepreneurs of all ages. Did you know that more than 97% of businesses in Connecticut employ less than 500 people, and that half of Connecticut employees work for companies with less than 500 employees? Startups are more common than you think, and you can just as easily be the next one.
The Connecticut Official State Website (ct.gov) offers steps, tools, and resources for you to launch your business idea into a plan of action. The first great tool you can use is the Start a New Business Checklist to guide you through the process of launching a business in Connecticut. Another great tool is from the U.S. Small Business Administration which offers a 10-Step Guide to Starting Your Own Business.
After planning, doing research, and mapping out your idea, financing is usually the next hurdle. Luckily, CT and the broader New England area have many resources for financing your small business. Here are some of those options:
- The Community Economic Development Fund provides a business line of credit for short-term financing to reach your business goals.
- Connecticut Innovations offers strategic guidance, connections, and equity investments working as the state’s strategic venture capital arm.
- The Connecticut Community Investment Corporation provides access to capital and financing opportunities for businesses looking to purchase real estate/equipment.
- BDC Capital pools money from multiple financial institutions to provide loans, mezzanines, and equity investments to help small businesses expand.
- The U.S. Small Business Administration provides loans through lending institutions.
- The Connecticut Center for Advanced Technology provides grants to startup companies that are housed in the state through the Small Business Incubator Grant Program.
On the UConn website you will also find the Connecticut Center for Entrepreneurship and Innovation page which provides over 30 different resources to help you grow your business. Take a look here and good luck with your entrepreneurial journey!
Photo by George Milton: https://www.pexels.com/photo/female-designer-using-graphic-tablet-7015107/