Finding the money to grow your business can be a challenge for sure. We have discussed bank financing and borrowing from relatives, but what other options are there? In some states such as Connecticut, there are programs that will loan or grant you money for creating new jobs in the state. While these job creation programs vary, as long as you create and retain the target head count and spend the money as you said you would, some or all of the money may be forgivable, meaning you will not even have to pay it back!
In Connecticut, there is the Small Business Express Program run by the Department of Economic and Community Development. This program has both partially forgivable loan and fully forgivable grant programs available for approved businesses who plan to create jobs in the state. Once you get involved in the program you will be assigned a program manager who can help you decide what you should apply for based upon your business goals and growth plans.
These programs can be a win/win as the state gets more jobs and the participating businesses can get what they need to boost their business growth.
Michael Giuffrida from Southington CT has been operating businesses since 1997. He is an experienced entrepreneur in business management, profitable growth, business valuation, mergers and acquisitions, and information technology managed services.