This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

How Connecticut Is Fighting for Small Business

Stocks in this article: AET GE HIG UST XRX

In select cases, businesses can even receive matching grants of up to $100,000. "So if they want to buy a new piece of equipment or start expanding their facilities with capital improvements, they've got to have half the money and sometimes some of them can do that and sometimes they can't. So that sort of puts a limit on what kind of grants we can give," Smith said.

The goal was to get the loan process to a 30-day turnaround time from application to funding. Smith acknowledged they couldn't quite get it to 30 days. Turnaround time is roughly 45 days, she said.

Still, the state is being selective in companies that get funded. To date, about 36% of the 1,807 applications have been approved; another 36% were either denied or withdrawn. Four companies that were approved for funding went out of business, the department says.

The state has already made back $600,000 in interest on originated loans, Smith noted.

So who's taking the loans? The biggest percentages so far have been in specialty products and services, manufacturing and Main Street retailers.

One example is Sun Coffee Roasters in Plainville, Conn., which sells organic, environmentally friendly manufactured coffee.

"They are a classic example of a company that could not get access to capital," Smith said. "They're doing everything green in their roasting process and packing processes. They wanted to buy some new machinery. They wanted to buy American made. They were doing a lot of great things for the U.S. economy, but really couldn't get anybody to come up with any cash. He's hired one person already and he's planning to hire two, three or four more in the next year."

-- Written by Laurie Kulikowski in New York

To contact Laurie Kulikowski, send an email to:

>To submit a news tip, email:


Follow TheStreet on Twitter and become a fan on Facebook.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
4 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs