New Haven is a city located in the state of Connecticut in the United States. As of the 2010 census, the city had a total population of 129,779. The city is situated on New Haven Harbor on the northern shore of Long Island Sound in New Haven County, Connecticut. It is the second-largest city in Connecticut after Bridgeport.
New Haven is a major cultural center in the state of Connecticut. The city is home to the Yale University Art Gallery, the Yale Repertory Theatre, and the Yale Center for British Art. New Haven is also the birthplace of the American pizza chain, Pizza Hut.
The economy of New Haven is largely driven by the education and healthcare sectors. Yale University is the city's largest employer, with over 11,000 employees. The Yale-New Haven Hospital is the city's second largest employer, with over 6,000 employees. Other major employers in the city include the United States Postal Service, the City of New Haven, and Southern Connecticut State University.
Small businesses are a vital part of the New Haven economy, accounting for over half of the city's businesses. The most popular industries for small businesses in New Haven are retail trade, health care, and professional, scientific, and technical services.
New Haven has a strong commitment to supporting small businesses and entrepreneurs. The city offers a number of resources and programs to help small businesses start and grow, including the Small Business Assistance Program, the Business Resource Center, and the Business Incentives Program.
Comparing SBA loan types in New Haven
Three SBA programs come up most often for New Haven, Connecticut businesses, and they do different jobs.
Small business loans available in New Haven
An SBA 7(a) loan made to a New Haven, Connecticut business is made by a participating lender, not by the SBA. The lender underwrites it, sets the rate within the SBA maximum, and services it. What varies locally is which lenders are active, not the program rules.
Common uses here are the same as everywhere: working capital, equipment, owner-occupied commercial real estate, refinancing business debt, and buying an existing business.
Insurance and closing
Most SBA lenders require hazard and, where the collateral is real property, property insurance in place before closing. See commercial property insurance for businesses and ways to ensure your SBA loan closes smoothly.
Getting started in New Haven
Check the eligibility requirements, run the numbers with the SBA 7(a) loan calculator, then get financing and we will route your inquiry to lending partners.