What is the Connecticut Development Authority and what will you be doing in your new role?
The Connecticut Development Authority is a quasi-public agency with a mission to expand Connecticut’s economic base by helping companies get the funds that they need. Managed by an independent volunteer board of directors, CDA provides loans, loan guarantees, self-sustaining bonds, and public financing tools like tax increment financing. In my new role as chair of the board, I will be leading the board and the organization to continue to be a solid financial institution and to find creative ways to help finance businesses. The retention and creation of jobs in Connecticut is our No. 1 objective.
How can businesses qualify for debt financing and investment capital from the CDA?
Call 860-258-7800 and ask to speak with a loan officer or visit www.ctcda.com for online information on financing programs. The CDA requires that the company demonstrate the ability to continue as a sustainable business operation, to repay the loan, and to commit to providing jobs.
As the economy remains in a downturn have requests for CDA funding increased or decreased?Â
Requests for funding have doubled. Our loan officers are working aggressively to respond promptly to the increased demand as we understand the requirement for speed in today’s economic climate.
How has the current downturn impacted CDA funding?
CDA is a self-sustaining quasi-public entity that does not receive funds from the state’s operating budget. As loans are repaid to CDA, CDA invests in other Connecticut companies.
