Small Business Loans in Connecticut

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10 Small Business Loans in Connecticut

Our article is a result of dedicated investigation into small business financing options in Connecticut, grounded in data that can be independently confirmed. The lenders are ranked by the volume of small business loans they've disbursed within the current year.

Essentially, we're spotlighting the financial institutions and lending bodies that are actively lending the most to small business within the state.

(This contrasts with numerous other sites, which often limit their discussions to non-profit organizations seldom engaging in lending or to governmental initiatives that remain out of reach for a majority of businesses!)

Takeaway: Regional banks do the majority of small business lending in Connecticut. 

Methodology: This analysis utilizes data from SBA 7a loans, ensuring each lender mentioned provides SBA loan options. Additionally, we've detailed various other small business loan opportunities featured on their official sites.

Given that conventional banking institutions often stipulate a need for robust credit scores and at least two years of business operations, our guide begins with two alternative lending solutions aimed at assisting small business owners facing challenges with creditworthiness or those who are relatively new to the business scene.

1. Credit Suite

Credit Suite specializes in providing business credit counseling and software solutions, alongside two innovative financing options.

The Cash Flow Financing option is ideal for business proprietors who have been in operation for some time and have minimal credit score needs. This option allows you to utilize your enterprise's cash flow as collateral for obtaining adaptable financing solutions. Instead of fixed monthly repayments, you're required to pay back a portion of your continuous cash flow.

Their Credit Line Hybrid is geared towards funding based purely on the individual's credit standing, with no need for detailed financial reports, bank records, or business proposals. 

It's particularly aimed at early-stage startups and entrepreneurs, with available funds ranging from $5,000 to $150,000. This makes it an excellent option for businesses that are less than two years old.

Business financing options offered:

  • Credit Suite Cash Flow Financing

  • Credit Suite Credit Line Hybrid

2. Manufacturers and Traders Trust Company

M&T Bank is headquartered in Buffalo, New York, and they are the #1 SBA lender in Connecticut. Their business loan offerings are significant and even include financing products for particular industry verticals. 

Business financing options offered:

  • Business Lines of Credit

  • Business Credit Cards

  • Term Loans

  • Equipment Financing

  • Small Business Administration (SBA) Loans

  • Farm & Rural Business Loans

  • Restaurant Business Loans

  • Medical Practice Loans

3. Webster Bank National Association

Webster is a small, Connecticut-based bank. But they were #2 in number of SBA loans issued. This signifies that they mean business - and have options for small businesses looking for capital.

Business financing options offered:

  • Lines of Credit

  • Overdraft

  • Term Loans

  • Commercial Mortgages

  • SBA Loans

  • 4 Business Credit Cards

4. TD Bank

TD Bank boasts a significant footprint across the East Coast, with the exception of Georgia, hosting numerous retail locations and providing a broad selection of financing options for small businesses. Recognized as an SBA Preferred Lender, TD Bank stands out for its comprehensive financial services.

The bank facilitates both digital and face-to-face applications for business loans, accommodating diverse preferences and needs.

Business financing options offered:

  • Term Loans 

  • Business Lines of Credit

  • Commercial Real Estate Loans & Mortgages

  • SBA Loans

  • Revolving Lines of Credit

  • Equipment Financing

  • Asset Based Lending

  • Supply Chain Financing

  • TD Business Solutions Credit Card

5. KeyBank

KeyBank, a prominent financial institution operating across 15 states, offers a comprehensive suite of small business lending options. On their website, they proudly highlight their commitment to diversity and inclusion, showcasing the accolades received for their efforts in this domain. 

They emphasize this aspect to resonate with customers who value corporate social responsibility.

Business financing options offered:

  • Business Term Loans

  • Business Real Estate Borrowing

  • Small Business Lines of Credit

  • SBA Loans

  • Key Equipment Financing

  • 3 Business Credit Cards

6. BayFirst National Bank

BayFirst National specializes in providing SBA loans, boasting on their website of "Lightning Fast Business Loans!" and highlighting the presence of an "In-house team, quick funding." 

The bank's internal underwriting team ensures both rapid processing and a high level of proficiency. Given that SBA loans are typically known for their lengthy funding timelines, BayFirst National's capability to expedite this process represents a significant benefit.

Business financing options offered:

  • SBA Loans

  • Commercial Real Estate Loans

  • Commercial Term Loans

  • Commercial Lines of Credit

  • Construction Loans

  • Heavy Equipment Financing

7. Liberty Bank

Connecticut-based Liberty Bank is not to be confused with other banks that have the same name in other states. They define business loans as under $1,000,000, while they use the term “commercial loans” for loans over $1,000,000.

Business financing options offered:

  • SBA Loans

  • Business Loans

  • Commercial Loans

  • Express Business Loan

  • Line of Credit

  • Term Loans

  • Commercial Mortgage

8. The Huntington National Bank

Huntington National Bank stands out not only as a premier lender to small businesses within this state but also as the foremost issuer of SBA 7a loans nationwide. 

This achievement consistently places them among the top 10 lenders across numerous states, underscoring their commitment to fostering small business growth. 

Beyond their specialization in SBA loans, Huntington National Bank provides a broad spectrum of financial solutions for small businesses, ranging from leasing equipment and agricultural financing to various real estate loan options.

Business financing options offered:

  • SBA 7a Loans

  • Equipment Leasing

  • Church Lending

  • Greek House Financing

  • Agricultural Loans

  • Warehouse Lending

  • Real Estate Loans, Term Loans, and Lines of Credit

9. Newtek Bank

Newtek may not be a household name due to its lack of physical bank branches, yet it's a substantial publicly traded entity with a significant footprint in small business financing. 

While their online presence might highlight only a handful of financing solutions, their offerings extend far beyond this, encompassing a wide range of financial services tailored for the small business sector. 

This includes solutions for payment processing, insurance services, employee benefits programs, and payroll management, among other supports.

Business financing options offered:

  • Term Loans

  • Asset Based Financing

  • Inventory Based Financing

  • SBA Loans

10. Live Oak Banking Company

Live Oak Bank is renowned for its extensive involvement in SBA lending across the United States. While their website might not be overflowing with details on various loan options, they stand out for their deep dive into the specific needs of different industries. 

On their platform, they showcase their expertise in no less than 48 distinct sectors, asserting that they have tailor-made financing solutions for each. This dedication to industry-specific understanding underscores their commitment to providing specialized financial support.

Business financing options offered:

  • SBA Loans

  • USDA Loans

  • Industry Vertical Loans

How to apply for a small business loan in Connecticut 

Getting your small business funded doesn't have to be overwhelming, regardless of how many steps may be involved. Let the leading business guides at Credit Suite help you along the way!