Welcome to the Small Business Innovation Research (SBIR) Acceleration and Commercialization Program--Phase 2 Loans
This program is designed to accelerate commercialization of new technologies and innovations developed by small businesses that have recently won Phase II SBIR/STTR funding OR other significant federal R&D funding*. The ultimate goal is to remove roadblocks to revenue generation.
Connecticut-based companies that have won a federal SBIR Phase II award in calendar years 2012, or 2013 (credited to Connecticut)
If your company is a small, growth-oriented company whose plans do not include federal R&D funding, and you expect to seek additional risk capital, you may be interested in Connecticut Innovations' Pre-Seed Fund. More Info
Basic Loan Funding Levels:
- Maximum Loan: $150,000 per company
- Loan interest: 5% per year (simple interest)
- Term: Not to exceed 3 years
- On each year's loan anniversary 1/3 of the loan will be paid back plus 5% simple interest
Examples of funding uses can include: further development of prototypes or proofs of concept, hiring new employees/assembling teams, intellectual property development and protection, testing & certification, machine tools, injection molds, business plan development, technology assessments, market analyses/validations/strategies, accounting, legal and other business advisory services. The bulk of the funding MUST be used in Connecticut.
Leveraging Requirements -- Please Read Carefully:
There are two components to this funding: State and company match.
- The State will provide a loan to the small business: maximum $150,000*
- The company must provide a 50% match to the state's funding. (For example, if the company is requesting $150K from the State, it must also provide a match of $75K)
* On a case by case basis we may elect to convert the Phase II loan to equity or to a grant. Grant conversions are designed to leverage additional federal funds that require a cash match.
Flexible Leveraged Funding Sources:
Funding may come from friends/family, angel investment, venture capital investment, internally, other federal, commercial or third party sources. However, funding that comes from a Connecticut-state funding source, federal funding, or the SBIR grant itself, will not qualify towards a leveraging match.
To Apply for the Loan Program (Application Requirements) We Will Request:
- Contract with federal agency (confirmation of award)
- Project work plan including use of funds
- Budget for project plus 50% matching funds
- Proof of deposited matching funds
- Commercialization plan
- Company information
- Three Letters of Good Standing
- Signed W9
- Signed Contract with Connecticut Innovations
There is a limit of one loan per Connecticut-based small business for the duration of the program. These loans are subject to available funding. The bulk of the funding MUST be used in Connecticut.
How to Start
- Become a member of the CTiHUB-Register here.
- Contact Barb Lesh - email@example.com - & request a private page be created for your company so you can submit your forms. If this is not your first grant application please let Barb know if it is the second, third, etc.
- Download and Fill out (Click on each link below to get to the forms)
- Upload your completed loan application, budget, proof of Phase II SBIR Grant, and project plan on your private page that you requested from Barb. Instructions for these documents are here.
- Review and download the How to Request Letter of Good Standing
- Upload all your Letters of Good Standing to your private page under the appropriate steps.
- Once all the above mentioned documents are uploaded, then the project is reviewed and you will recieve an email with Approval or not. (usually takes one week)
- Project Funding agreement (All Letters of Good standing must be received)
- Board Approval
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