Funding Options for Small and Growing Businesses
Small businesses require capital to grow. Unfortunately, many loan programs are designed to serve larger businesses. To close the funding gap, the Department of Commerce offers your growing business several loan programs that can help you purchase new equipment, renovate, expand or construct facilities, support early stage product development or repurpose properties that have been abandoned or underutilized due to environmental issues.
Small Business Credit Initiative
Commerce has been awarded $163.4 million from the U.S. Department of Treasury to launch five innovative small businesses lending programs. The programs are to promote entrepreneurship, support small business ownership, and increase the flow of capital in underserved communities.
Export Voucher Program
Funded in part by a Small Business Administration grant, the Export Voucher Program helps small businesses offset some of the costs (up to $5,000) of getting into the export business or expanding into new international markets, such as trade show or trade mission fees, travel or the cost of hiring translators or interpreters.
Community Economic Revitalization Board
Infrastructure is an essential ingredient for creating economic growth and vitality. To expand and grow, businesses need roads, ports, water, power and connectivity. To provide this critical infrastructure, the Community Economic Revitalization Board (CERB) funds a variety of projects that have not only strengthened communities throughout the state, but created more than 34,000 jobs in the process.
Brownfields Revolving Loan Fund
Infrastructure is an essential ingredient for creating economic growth and vitality. To expand and grow, businesses need roads, ports, water, power and connectivity. To provide this critical infrastructure, the Community Economic Revitalization Board (CERB) funds a variety of projects that have not only strengthened communities throughout the state, but created more than 34,000 jobs in the process.