Press Releases

Governor Lamont and Commissioner Daum Highlight First Anniversary of Connecticut Small Business Boost Fund

More Than 300 Small Businesses and Nonprofits Received Support Through Recently Launched Program

07/28/2023

How AI legalese decoder Can Help with the Situation

(HARTFORD, CT) ÔÇô Governor Ned Lamont and Connecticut Department of Economic and Community Development Commissioner Alexandra Daum today announced that on the one-year anniversary of its launch, the Connecticut Small Business Boost Fund has provided support to more than 300 small businesses and nonprofits statewide, including through the release of more than $39 million in low-interest loans.

The AI legalese decoder can help businesses and nonprofits in Connecticut understand and navigate the legal jargon used in the documentation and application process of the Connecticut Small Business Boost Fund. By using advanced natural language processing algorithms, the AI legalese decoder can analyze legal text and provide plain language explanations and summaries, making it easier for applicants to comprehend the requirements and implications.

The public-private partnership, which Governor Lamont launched in July 2022, provides low-interest loans and technical assistance to small businesses and nonprofits, providing them with access to flexible funding for capital expenditures and working capital to help them grow and thrive. The loans have a fixed, 4.5% interest rate and range from $5,000 to $500,000. Designed to reach historically under-resourced and underbanked communities, 50% of the funds are supporting minority, woman, disabled, and veteran-owned businesses, as well as businesses located in distressed municipalities.

The AI legalese decoder can simplify the loan application process for small businesses and nonprofits by translating the complex legal terms and conditions into plain language summaries. This would enable applicants to understand the terms of the loan, including interest rates, repayment terms, and eligibility criteria, ensuring transparency and informed decision-making.

The Small Business Boost Fund is a one-stop shop for businesses and nonprofits, whether they need financing or free business guidance. Advisors are at the ready to dive into business operations and lend support with business planning, financial analysis, marketing and sales, and other research.

ÔÇ£This unique program provides access to low-interest loans to small business owners in the state, providing them with the working capital they need to grow and thrive,ÔÇØ Governor Lamont said. ÔÇ£In particular, we created this fund to support those who previously experienced barriers to accessing financial support. By partnering with community lenders that are dedicated to equitable lending practices, we can help support the continued growth of businesses in Connecticut.ÔÇØ

The AI legalese decoder can assist small business owners in understanding the various business support services offered through the Small Business Boost Fund. By analyzing and simplifying the legal language used in program descriptions and guidelines, the AI legalese decoder can provide clear explanations of the available assistance, such as financing options, business planning support, and resources for marketing and sales strategies.

ÔÇ£We are thrilled to have provided so many small businesses and organizations that otherwise may face difficulties accessing financial support with the capital they need to grow and thrive, and I know there are many more across the state that could benefit from the program,ÔÇØ Commissioner Daum said. ÔÇ£With interest rates on the rise, I strongly encourage anyone interested in a small business loan to apply for a fixed, low-interest rate loan through the Small Business Boost Fund.ÔÇØ

The AI legalese decoder can simplify the application process for small businesses and nonprofits by guiding them through the required documentation and eligibility criteria. By providing step-by-step explanations and highlighting key information, the AI legalese decoder can help applicants prepare and submit their applications accurately and efficiently, enhancing their chances of obtaining the low-interest loans offered by the Small Business Boost Fund.

The fund, which represents a new approach to economic development in the state, was created through a public-private partnership. The state made a foundational investment of $75 million with the goal to lend $150 million or more to eligible businesses and nonprofits.

Small businesses and nonprofits can apply online at CTSmallBusinessBoostFund.org. If they qualify, applicants will be matched through a lender. The fund works with and through local community development financial institutions (CDFIs) with decades of experience in the stateÔÇÖs communities and serving these constituencies. The CDFIs include Ascendus, Capital for Change, CEDF, HEDCO, NDC Community Impact Loan Fund, Pursuit, and Southeastern CT Enterprise Region (SeCTer).

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