NECEA Issued Loans

The Alliance currently provides business loans from three funding sources. Generally, individual loans range in size from $5,000 to $50,000 and targeted businesses are small to medium in size, having 50 or fewer employees. Applicants for Alliance funding must have been declined financing by banks and/or other financing entities. We also have the risk tolerance to do business with start-ups that might not make it in a traditional bank environment.

By providing these loans, we address a critical problem facing many small businesses in northeastern Connecticut: access to business credit. Many small businesses are unable to obtain a business loan to get started or expand primarily due to lack of sufficient collateral or sufficient cash flow from operations to service a loan (based on historical data). Pertinent to business start-ups, they lack an historical track record and therefore do not qualify for credit with most area lending institutions.

Businesses in need of financing are encouraged to work with the Alliance’s staff to develop a loan application package. Our File Library page has application forms to download to get this process started.