Together, the municipalities of Bridgeport, Easton, Fairfield, Monroe, Stratford and Trumbull comprise the Greater Bridgeport Planning Region. A mix of urban, suburban and rural communities, the cities and towns of the Greater Bridgeport Region are poised to realize sustainable economic growth and development.
The Greater Bridgeport Region is home to a variety of small businesses and the headquarters of several major corporations.
A vibrant region home to over 318,000 residents, the Greater Bridgeport Region offers a diverse and knowledgeable workforce.
- Assistance to businesses provided by local Chambers of Commerce, Economic Development Commissions and the Community Capital Fund.
- Access to major highway Routes 15, 95, 25, and 8.
- Close proximity to major airports, railways, bus and water ports.
Connecticut’s small businesses, defined as firms employing less than 50 employees, account for nearly 50% of all jobs in the state. With signs of a recovery beginning to show up in the state economy, it is anticipated that small business will lead economic recovery and that the Bridgeport region will see greater pressure on demand for small business funding and programs to serve that demand.
Throughout 2012, an average of nearly 80% reported using a bank loan or line of credit to meet their credit needs, with 28% citing working capital as their primary need. Of those businesses receiving financing in the 3rd Quarter 2012, 55% received financing in the $50,000-$500,000 range, 27% less than $50,000 and 18% received financing over $1,000,000. In terms of credit availability, an average of 25% of respondents reported it was a problem for their company. Of these, nearly 60% cited limited growth or expansion as the primary effect lack of credit availability had on their operations.
CommCap borrowers share many of the same experiences, issues and concerns revealed in these surveys. A majority of CommCap’s small business borrowers and developers are established family businesses seeking working capital loans and loans to help expand their businesses in the $50,000 – $500,000 range. The bulk of financing need identified by a majority of respondents of both surveys is in this range. CommCap’s Small Business Loan Program is designed to meet the financing needs of small businesses at this level.
Developers have been successful in attracting both Federal and State funds for economic development projects. Frequently these funds cannot go directly to a for profit entity. CommCap provides the “pass through” role that is needed to access these vital funds. Only CommCap can play this role since there are no other qualified CDFIs within Bridgeport.
CommCap is an economic and community development partner in Bridgeport. It’s CommCap’s commitment to financing small businesses, the development of affordable housing, nonprofit organizations and facilitating economic revitalization is where CommCap’s mission and flexibility as a lender meets the needs and demand in its Target Market.