About Us

• Who We Are
• Background History
• Mission Statement
• What We Do
• What is the Cost?
   

Who We Are

The Northeast CT Economic Alliance, Inc. is a non-profit 501(c)3 organization that provides business development resources to both existing and startup small and medium sized manufacturing and service companies seeking to expand, diversity, retain business or improve operations. We are an independent, community-based partnership of business, education and government interests dedicated to enriching the long-term vitality of Northeastern Connecticut. As a regional outreach center for the State Department of Community and Economic Development (DECD), we serve businesses primarily in Windham County and certain towns in Tolland County.

The Alliance is made up of an Executive Director, a Board of Directors, and a small professional staff. Our main office is located in the Regional Business Outreach Center located at Eastern CT State University in Willimantic. The CT Small Business Development Center (CSBDC) and the Chase Institute and each work closely with us.

Background History

The Northeast CT Economic Alliance, Inc. has been serving the business needs of Northeastern Connecticut for about ten years. We have a history of bringing together diverse interests and forging common solutions. Dating back to 1985, Northeastern Connecticut began what would be the first regional economic development strategic plan—the CORNER Report. This five-year comprehensive plan was issued in August 1988. The Alliance was conceptualized in 1989 and formally incorporated in 1990 as a private, non-profit 501(c)3 economic development corporation. Through a team effort of the 21 towns of Windham County whose community leaders developed the concept, our initial grant funding was achieved. With this backing from the State and the in-kind provision of office space from Eastern Connecticut State University and Quinebaug Valley Community College, the Alliance began operation with a full staff and has since issued a number of loans to small and medium sized businesses throughout the region.

What We Do

The Northeast Alliance provides financial assistance to small and mid-sized businesses by assessing companies’ financing requirements and capabilities; determining appropriate and available financing resources; packaging loans; guiding companies through the financing process and loan closings; and accomplishing the post-financing business implementation.

We have established relationships with virtually all banks servicing businesses in Northeastern Connecticut. These financial institutions are composed of small and mid-sized commercial and savings banks as well as branches of larger publicly held regional banks (i.e. Bank of America, New Alliance). Although we primarily work with local institutions, we also represent sources of venture capital, SBA guaranteed loans and state financing assistance programs, including loan guarantees.

We assist businesses that have been unable to secure credit through conventional sources through funds that we own and operate (Revolving Loan Fund, Northeast Technology Enterprise Fund), funds owned by third parties and managed by the Alliance (Windham Small Cities Loan Fund), and conventional bank resources supported by SBA and other government guarantees or participation.

The two funds we currently have available are listed below.

• Revolving Loan Fund—covers the 21 towns in the Northeast Alliance service region—Ashford, Brooklyn, Canterbury, Chaplin, Columbia, Coventry, Eastford, Hampton, Killingly, Lebanon, Mansfield, Plainfield, Pomfret, Putnam, Scotland, Sterling, Thompson, Union, Willington, Windham, Woodstock.
• Small Cities Loan Fund—managed by the Northeast Alliance, owned by the Town of Windham. The fund may be used within the 10 towns of: Ashford, Chaplin, Columbia, Coventry, Hampton, Killingly, Mansfield, Putnam, Thompson, Windham
• Northeast Technology Enterprise Fund—(not available at this time).

What is the Cost?

The initial consultation is free. If we can help a client, a small portion of the borrowed amount or venture capital investment secured is charged. In most cases, there is a nominal charge for loan guarantees provided. If the Alliance secures a grant for a business or municipality, in general, there is a small administrative cost.