Searching for trusted Connecticut SBA lenders to power your business growth? Our comprehensive directory connects Connecticut entrepreneurs with approved SBA loan providers throughout Hartford, New Haven, Stamford, Bridgeport and across the state. Whether you’re exploring SBA 7(a) loans, 504 loans, microloans, or disaster assistance, our list features the most active small business lenders with competitive rates and flexible terms for Connecticut businesses. Discover which local banks, credit unions, and financial institutions participate in Small Business Administration lending programs, compare their requirements, and find the ideal financing partner to help your Connecticut small business thrive in New England’s innovative economic landscape.
| Lender Name | City | State | Phone |
|---|---|---|---|
| 360 Federal Credit Union | Windsor Locks | CT | (860) 627-4260 |
| Ascendus | Cambridge | MA | (617) 616 1589 |
| Bank of America | North Attleboro | MA | (774) 331-5032 |
| Bankwell Bank | Hamden | CT | (203) 652-3106 |
| Bay Colony Development Corp | Waltham | MA | (781) 478-3650 |
| BDC New England | Hartford | CT | (860)-218-2901 |
| Bershire Bank | Spingfield | MA | (413) 236-3230 |
| Celtic Bank | Jacksonville | FL | (904) 821-7158 |
| Charter Oak Federal Credit Union | Waterford | CT | (860)446-3381 |
| Chelsea Groton Savings Bank | Groton | CT | (860) 448-4140 |
| Citizens Bank | Johnston | RI | (401) 787-3872 |
| Community Economic Development Fund | Meriden | CT | (203) 235-2333 x2060 |
| Community Investment Corp. | Hamden | CT | (203) 776-6172 x125 |
| Connecticut Community Bank, NA | Greenwich | CT | (203) 863-9146 |
| Dime Bank | Norwich | CT | (860) 859-4300 |
| DR Bank | Darien | CT | (203) 669-4113 |
| Eastern Federal Bank | Norwich | CT | (860) 425-0120 |
| Essex Savings Bank | Essex | CT | (860) 767-4414 |
| Fairfield County Bank Corp. | Ridgefield | CT | (203) 431-7455 |
| Farm Credit East | Enfield | CT | (860)741-4380 |
| First County Bank | Stamford | CT | (203) 462-4281 |
| Guilford Savings Bank | Branford | CT | (203) 458-5473 |
| Hartford Economic Development Corp | Hartford | CT | (860) 527-1301 |
| Home Loan Investment Bank, FSB | Warwick | RI | (401) 739-8800 x898 |
| Housatonic Industrial Development Corp. | Danbury | CT | (203) 743-0306 x2 |
| ION Bank | Naugatuck | CT | (203) 714-8820 |
| Ivy Bank | Danbury | CT | (203) 731-5441 |
| Jewett City Savings Bank | Jewett City | CT | (860) 376-4444 |
| JPMorgan Chase | Shelton | CT | (914) 993-2207 |
| Key Bank | New Haven | CT | (203) 789-2824 |
| Liberty Bank | Middletown | CT | (860) 344-7316 |
| Live Oak Bank | Monroe | CT | (203) 461-5097 |
| M & T Bank | Bridgeport | CT | (716) 352-9321 |
| Milford Bank | Milford | CT | (203) 783-5701 |
| National Iron Bank | Salisbury | CT | (860) 435-2581 |
| New Haven Bank | New Haven | CT | (203) 773-1342 |
Frequently Asked Questions
Q: What are SBA loans and how do they work in Connecticut?
A: SBA loans are government-backed loans provided through approved lenders in Connecticut. The Small Business Administration guarantees a portion of the loan, reducing risk for lenders and allowing them to offer more favorable terms to Connecticut small businesses. The lender provides the funds while the SBA guarantees repayment up to a certain percentage, typically 75-85% depending on the program. This structure enables Connecticut entrepreneurs to access capital with lower down payments, longer repayment terms, and competitive interest rates compared to conventional business loans.
Q: What types of SBA loans are available to Connecticut businesses?
A: Connecticut businesses can access various SBA loan programs including:
- SBA 7(a) loans: The most common program for general business purposes with loans up to $5 million
- SBA 504 loans: For major fixed asset purchases like real estate or equipment
- SBA Microloans: Smaller loans up to $50,000 for startups and smaller businesses
- SBA Express loans: Faster approval process with loans up to $500,000
- SBA Disaster loans: Special assistance for businesses affected by declared disasters
Q: What are the minimum requirements to qualify for an SBA loan in Connecticut?
A: To qualify for an SBA loan in Connecticut, businesses typically need:
- For-profit operation based in Connecticut
- Owner-occupied (not primarily for investment)
- Good personal credit (typically 650+ FICO score)
- Sufficient cash flow to support loan payments
- No recent bankruptcies, foreclosures, or defaults on government loans
- Reasonable owner equity investment (typically 10-30% depending on the program)
- Operating history of at least 2 years (though some lenders work with startups)
Q: How do Connecticut SBA lenders support advanced manufacturing businesses?
A: Connecticut’s strong manufacturing heritage has created specialized SBA lending expertise in this sector. Several Connecticut lenders have dedicated manufacturing divisions that understand the unique capital needs for precision manufacturing, aerospace components, medical devices, and other advanced manufacturing specialties. These lenders often coordinate with organizations like CONNSTEP and the Connecticut Center for Advanced Technology to provide comprehensive support. Some Connecticut SBA lenders offer specialized loan packages for equipment modernization and automation, helping traditional manufacturers transition to Industry 4.0 technologies while maintaining the state’s manufacturing excellence.
Q: Are there special SBA loan programs for Connecticut’s defense contractors?
A: Yes, Connecticut’s significant defense industry presence has led to specialized lending programs for defense contractors and suppliers. Several Connecticut SBA lenders participate in the Department of Defense Trusted Capital program alongside SBA programs to provide enhanced options for defense-related businesses. These lenders understand the unique cash flow patterns of defense contracts and can structure loans to accommodate them. Some Connecticut lenders have developed expertise working with businesses in the submarine supply chain, aerospace defense, and cybersecurity sectors, offering tailored financing solutions that complement Department of Defense programs and security requirements.
Q: How do Connecticut SBA lenders help businesses in coastal communities?
A: Connecticut’s coastal economy has influenced local SBA lending practices. Several Connecticut lenders offer specialized financing for maritime businesses, tourism operations, and coastal real estate through SBA programs. These lenders understand the unique challenges of seasonal businesses in shoreline communities and can structure loans with flexible payment schedules. Following coastal storms and flooding events, many Connecticut SBA lenders coordinate with the state’s Shore Up CT program to provide comprehensive financing solutions for resilience improvements. Some lenders have developed expertise in financing blue economy innovations like sustainable aquaculture, marine technology, and green coastal infrastructure.
Q: Can bioscience and healthcare innovation companies in Connecticut access specialized SBA financing?
A: Yes, Connecticut’s growing bioscience corridor benefits from specialized SBA lending expertise. Several Connecticut lenders have dedicated life sciences divisions that understand the unique capital needs of biotech, medical device, and healthcare IT companies. These lenders often coordinate with organizations like BioCT and the Connecticut Innovations Bioscience Facilities Fund to create comprehensive financing packages. While early-stage research typically requires venture capital, SBA loans become viable funding options as bioscience companies reach commercialization phases, with Connecticut lenders offering specialized packages for equipment, lab space, and working capital needs during scale-up.
Q: How do Connecticut SBA lenders support businesses in opportunity zones and distressed communities?
A: Connecticut’s urban centers and opportunity zones benefit from specialized SBA lending programs. Several Connecticut lenders participate in the SBA Community Advantage program, which focuses on underserved communities. These lenders often coordinate with organizations like the Hartford Community Loan Fund, Community Economic Development Fund, and Connecticut Community Investment Corporation to provide comprehensive support. Some Connecticut SBA lenders have developed expertise in combining opportunity zone investments with SBA financing, creating powerful capital stacks for businesses in New Haven, Hartford, Bridgeport, and other revitalizing urban areas.
Q: Are there specialized SBA loan programs for Connecticut’s green businesses and clean energy companies?
A: Yes, Connecticut’s leadership in sustainability has influenced local SBA lending practices. Several Connecticut lenders offer enhanced terms for green business improvements through the SBA 504 Green Loan Program. These lenders often coordinate with programs like the Connecticut Green Bank to help businesses qualify for both loans and incentives. Some Connecticut SBA lenders have developed expertise in financing clean energy companies, offering specialized packages for businesses developing renewable energy, energy efficiency, and grid modernization solutions. These specialized programs align with Connecticut’s ambitious climate goals and position businesses to benefit from the state’s transition to a low-carbon economy.
Q: What other resources are available for SBA loans?
A: Other resources provided by Bigger Bottom Line include:
Q: How do I get assistance in getting an SBA or other business loan?
A: Contact the experts! We can assist from advising which lenders to submit to all the way through to developing & submitting a complete business loan package and anything in between. Contact us now for a free evaluation.