More than 200 business owners have recovered and expanded with loans from the Connecticut Small Business Boost Fund

With its low-interest loans and free support services, the Connecticut Small Business Boost Fund is a flexible, accessible solution for small businesses and nonprofits seeking working capital. The fund is supported by the Connecticut Department of Economic and Community Development, and it has already distributed $23 million to businesses around the state, with an emphasis on historically underbanked communities.

More than 200 business owners have now benefited from the fund, one of whom is Willie Jones. He launched YJ Cleaning & Maintenance in 2016 and has been providing janitorial work, construction clean-up and other services in and around the Hartford area. At one point, he was up to 18 staff members.

When the pandemic hit, Jones’ company was more in demand than ever, especially when he added COVID-19 decontamination to his list of services. But he also needed a larger staff to meet that demand, which required more capital and resources.

“The more opportunities that come up, the more people you need. We fell behind a bit, and I don’t want to miss good opportunities because there’s still a lot of work out here,” Jones explains. “Business is great, but we’re still trying to catch up from three years ago.”

Jones was connected to the Connecticut Small Business Boost Fund through the nonprofit Minority Construction Council, and he opted to receive free financial support services through the Fund. His advisors helped get his financial documents in order before applying for the loan, and they have also gotten him leads on new projects, provided clerical services and assisted with OSHA and other relevant trainings and certifications.

Since receiving the loan, YJ Cleaning & Maintenance has been able to maintain payroll, expand its scope and purchase cargo vans that can more comfortably transport a growing staff to areas beyond the company’s original reach.

“The loan was a lifesaver,” Jones says.

“I think the Connecticut Small Business Boost Fund could help a business take their next step because some of the banks don’t give you a chance. We’re out here, we can grow with the right capital and guidance, and we can hire more people from the community.”

More Connecticut-based businesses could have the same experience: $125 million in loans is still available for at least a year. Businesses that have no more than 100 employees and annual revenues of less than $8 million are eligible to receive loans of up to $500,000 at a fixed interest rate of 4.5%.

Learn more at CTSmallBusinessBoostFund.org.