Chaquanzha Stephenson chose to make a career change after spending several years in human resources at numerous businesses, including WWE.
In 2021, she founded Point Transportation & Logistics in Milford, her own trucking firm.
After acquiring a truck that required $30,000 in repairs, which negatively impacted her financial flow, Stephenson began exploring other finance possibilities.
Stephenson stated that the assistance she got from the state’s Small Business Boost Fund was important in reviving her firm.
Stephenson stated, “Everything occurs for a reason” before recommending the program to her friends.
Sheila Hummel, manager of the business development program at the Office of Small Business and Community Development, reported that the boost fund program, which combines lenders with businesses, has contributed $24 million to 190 enterprises since its inception in 2022.
Hummel thanked David Lehman, the state’s previous Economic and Community Development Commissioner, for having the insight to understand that there was a need for this specific sort of program.
“He understood that small firms required assistance,” Hummel stated.
These low-interest loans are available to businesses and NGOs with less than 100 full-time workers, less than $8 million in annual revenue, and at least one year of operation prior to the application date.
According to Hummel, company owners may borrow between $5,000 and $500,000 at a fixed rate of 4.5 percent for a period of 60 to 72 months.
Program coordinators also target companies in low-income communities, as well as those owned and operated by women and people of color, who have historically been denied access to working capital.
The monies may be used for a variety of things, including equipment, utilities, rent, marketing, and upgrades, according to Hummel.
But, in addition to low-interest loans, company owners will have access to professional assistance, such as business analysis.
“We’re really trying to capture the folks that don’t get paired up,” Hummel added. “This application is particularly appealing due to the comprehensive nature of its components. It is not simply money that people require. They require aid.”
Before, during, and after the application process, applicants can receive free business coaching, including assistance with financial predictions, cash-flow management, company strategies, and credit enhancement support.
“Don’t be disheartened if you don’t get paired up,” Hummel added. “Obtain technical support.”
The Stamford Family YMCA was able to use the cash to continue their after-school care and day camp for children, which is one of the success stories.
VASE Management, a New Haven-based construction management and real estate development firm, utilised the cash to bid on and obtain larger projects, therefore enhancing the company’s competitiveness.
“We realize you can’t help everyone, but we’re trying to assist as many as can,” Hummel added. “There are people willing to deal with you despite your poor credit. If you are truly committed to your business, you can obtain the necessary assistance.”