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How do I qualify for the 2% Match?
You must be a SoFi Plus member at the time of deposit into your SoFi IRA to receive the 2% match.
SoFi will match 1% of a member’s deposits made into their SoFi IRA, up to their IRS contribution limit. Active SoFi Plus members earn an additional 1% on IRA deposits (or a total of 2% match on IRA deposits, up to their IRS contribution limit) during the offer period. Plus eligibility requires that the member satisfy all SoFi Plus requirements, as defined in the SoFi Plus terms and conditions, at the time each deposit settles. Deposits must be maintained in the IRA account for five (5) years from the settlement date to keep the entire match amount. See terms and conditions for more information.
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Learn All About Small Business Loans in Connecticut
Connecticut is home to more than 381,000 small businesses, which make up 99.4% of all enterprises in the state. From the insurance giants in Hartford to the bioscience hubs along the coast, these companies employ nearly half of the state’s workforce.
Whether you’re launching a tech startup or expanding a manufacturing plant for your family’s company, finding small business loans in Connecticut can be key to helping you reach your business goals. Here’s what you need to know about securing financing for your company.
Key Points
• The Connecticut Small Business Boost Fund offers low-interest financing to underserved businesses.
• Connecticut Innovations provides specialized venture debt and equity funding for high-growth tech companies.
• The Department of Economic and Community Development (DECD) oversees the Small Business Express Program, which provides revolving loan funds as well as job creation incentives.
• Nonprofit lenders like the Hartford Economic Development Corporation (HEDCO) serve entrepreneurs who may not qualify for bank loans.
• Manufacturing businesses may use equipment financing to acquire precision machinery and modernize their operations.
Popular Types of Small Business Loans in Connecticut
Entrepreneurs in the Constitution State have access to a robust network of public and private financing options designed to foster innovation and encourage business development and growth. In the following sections, we’ll consider the most common funding possibilities available to business owners across Connecticut.
Connecticut Small Business Loan Programs
The state actively supports economic development through several specialized agencies.
• The Connecticut Small Business Boost Fund (CSBBF) provides flexible, low-interest loans to help small businesses and nonprofits recover and grow, particularly those in underserved communities.
• The Community Economic Development Fund (CEDF) provides term loans, real estate loans, and lines of credit for businesses that may have low credit ratings or other issues that make it difficult for them to get loans.
• Specialty loans for entrepreneurs are provided by the Community Investment Corporation (CIC), available in Connecticut, Rhode Island, and parts of Massachusetts.
• Connecticut Innovations provides both venture debt and equity funding opportunities for tech startups.
Term Loans
Common among the types of small business loans, a term loan can provide your company with a lump sum of capital that you then repay over a specific period of time in regular, usually fixed payments. This structure can make it a potentially appropriate choice for financing large, one-time investments with predictable costs.
For example, an aerospace supplier in Middletown might use a term loan to expand its production facility.
Unlike a term loan, which provides funding upfront, a business line of credit allows access to a revolving pool of funds that borrowers can draw from as needed up to a set limit. If you can obtain one, you pay interest only on the money you actually withdraw, and as you repay the balance, those funds become available again.
Businesses may use lines of credit as a resource if their revenue and/or needs fluctuate. For example, a seasonal restaurant in Mystic could use a line of credit to manage inventory costs during the busy summer tourist season.
Equipment Financing
In equipment financing, the loan is specifically designed to be used for the purchase of physical assets, such as machinery, vehicles, or technology. Because the equipment itself serves as collateral, these loans often come with more accessible approval standards, since they may often represent less risk for the lender.
A construction firm in Stamford might use an equipment financing loan to pay for a new crane, while a biotech lab in New Haven might apply for one in order to acquire specialized research instruments.
SBA Loans
SBA loans are issued by private lenders but are partially guaranteed by the U.S. Small Business Administration. This federal backing reduces the lender’s risk, which can lead to lower down payments and longer repayment terms. If you qualify, these Connecticut business loans are widely available through approved banks and credit unions.
Here are some of the types of SBA loans that may be the most useful for small businesses.
• The SBA 7(a) loan is highly versatile and can range from $500 to $5 million. It’s suitable for working capital, refinancing debt, or purchasing supplies.
• The SBA 504 loan is specifically intended for major fixed assets, such as purchasing commercial real estate or heavy equipment that promotes business growth and job creation. The maximum is between $5 million and $5.5 million.
• The SBA Microloan is meant to cover short-term needs and can be useful to companies that need startup loans. You can borrow up to $50,000 and the maximum repayment term is seven years.
Using an SBA loan calculator can help you estimate what your loan costs might be for different kinds of SBA funding.
How to Apply for a Small Business Loan in Connecticut
When you’re applying for a Connecticut small business loan, you may want to present potential lenders with a clear picture of your company’s financial health and a well-thought-out plan for how their funds will be used. By organizing your documents in advance, you can supply your potential lender with a clear, coherent application that may stand out from the pack. Here’s how to apply for a small business loan.
Define Your Loan Purpose and Amount
Before you start contacting lenders, you should have a precise understanding of your funding needs. That means that you should be able to articulate exactly how much money your company needs and for what — and how it will generate a return. A specific proposal, such as “$50,000 to upgrade our laboratory equipment,” demonstrates your strategic thinking and financial discipline.
Know Your Credit Score
Your credit profile is generally one of the first things a lender will review when you apply for small business funding. Personal credit scores are critical, with traditional banks often looking for a credit score for a business loan of 680 or higher. It may be prudent to check your reports beforehand to identify any errors and have them corrected, as well as know where you stand before submitting an application.
Gather Your Key Documents
Providing your potential lender with an organized, complete application package may often expedite the review process and suggests that you’re reliable, efficient, and competent.
Requirements vary by lender, but you’re likely to be asked to provide the following:
• Credit report
• Income statement
• Bank statements
• Budget
• Income tax returns (both business and personal)
• Business plan
• Collateral valuation and supporting documents (which may include titles, deeds, or invoices)
Compare Lenders and Loan Offers
Shopping around is key to finding the financing that best fits your needs. Different kinds of lenders may offer very different conditions, so compare options from multiple sources, including local community banks, large national institutions, and online lenders.
As you evaluate proposals, consider using a business loan calculator to help you estimate the monthly payments for your different options. It may also be a good idea to look closely at the Annual Percentage Rate (APR) of each loan to understand its true cost.
Submit Your Application and Await Approval
Once you’ve filled out the application form and organized all of the supporting documentation, you’re ready to submit the application package. After it’s in the lender’s hand, you’ll have to wait for the response. This can take as little as two days in some cases, but may take several weeks in others.
Grow Your Business the Right Way. Explore small business funding options in one place with no impact to your credit score.*
You may be able to improve your odds of securing a loan by taking steps to strengthen your business’s financial foundation before you apply. Lenders tend to look for evidence of your company’s stability and its ability to repay any loan it chooses to extend. Presenting a financially responsible, low-risk profile may help with your application process.
• Make sure your business plan is realistic and includes detailed financial projections.
• Work to strengthen your personal and business credit scores by making payments on time and paying down your current balances.
• Consider getting business counseling or coaching about putting together your application. Professional coaches may have experience with a variety of institutions and what they want to see in an application.
Other Funding Options for Connecticut Small Businesses
A traditional loan may not be the right fit for your company. Fortunately, there are other ways to fund your business. Connecticut’s entrepreneurial landscape provides several alternative paths for funding. One of these options might align better with your specific stage of growth or your industry.
Small business grants are a highly sought-after option, in part because they don’t require repayment. Here are just a few possibilities:
• The Black Business Alliance (BBA) offers grants as well as business coaching and technical assistance to eligible for-profit businesses in Connecticut.
• The Hartford Economic Development Corporation (HEDCO) and the Spanish American Merchants Association (SAMA) offer grants and technical assistance to eligible for-profit small businesses.
• The Women’s Business Development Council (WBDC) offers grants to qualified women-owned businesses.
Additionally, searching national databases like Grants.gov may help you find federal programs relevant to your industry.
Crowdfunding, which can enable you to raise smaller amounts of capital from a broad base of online supporters, might be another viable option.
Additional Business Resources in Connecticut
Success in business often requires more than just capital. It also takes guidance and community. Fortunately, Connecticut has a robust network of resources designed to help small business owners navigate challenges. The Connecticut Small Business Development Center (CTSBDC) may be a useful resource, since it offers no-cost advising at locations across the state. Additionally, the Community Economic Development Fund (CEDF) offers educational workshops and specialized lending products.
If you’re looking for mentorship, local SCORE chapters can connect entrepreneurs with experienced business leaders who volunteer their time. Engaging with your local Chamber of Commerce can also provide valuable networking opportunities.
The Takeaway
Securing a Connecticut small business loan can be the decisive factor in allowing your company to expand. While the process involves careful planning to be successful, it’s an achievable step for any focused entrepreneur. By defining your goals and making the most of your state’s resources, you may be able to find the right financing solution for your small business.
If you’re seeking financing for your business, SoFi is here to support you. On SoFi’s marketplace, you can shop and compare financing options for your business in minutes.
With one simple search, see if you qualify and explore quotes for your business.
How do I get a small business loan in Connecticut?
Start by defining your funding needs and checking your credit scores. Gather essential documents such as your business plan, tax returns, and bank statements so you’ll be prepared for your application. Finally, compare options from various lenders to find the best terms for your Connecticut small business loan — and then make your choice and apply.
Can I get a startup business loan with no money?
This can be challenging, since many lenders require an owner’s investment. However, some SBA microloans are designed for startups with lower capital requirements. Another option is to research business grants, which provide funding that does not need to be repaid.
How hard is it to get a small business loan in Connecticut?
The degree of difficulty depends on such factors as your business’s financial health, its time in operation, and your credit history. Traditional bank loans can be competitive and have strict requirements, while online lenders often offer more flexible requirements, potentially making them a more accessible option for companies in search of Connecticut small business loans.
What is the easiest type of business loan to get approved for?
Loans secured by collateral, such as equipment financing, are generally easier to obtain because the asset lowers the lender’s risk. Short-term loans and invoice financing from online lenders also typically have less stringent requirements.
What credit score do I need for a small business loan?
Requirements vary, but for traditional bank and SBA loans, a personal credit score of 680 or higher is often preferred. Some online lenders may approve applicants with scores in the low 600s. Higher scores may lead to better approval odds and lower interest rates.
What can I use a Connecticut small business loan for?
You can use a small business loan for almost any legitimate business purpose. Common uses for Connecticut small business loans can include purchasing inventory, buying equipment, funding marketing campaigns, and refinancing debt.
Are there any small business grants available in Connecticut?
Yes, grants are available from a variety of sources. The Connecticut Department of Economic and Community Development can be a helpful resource for finding state-level opportunities. You can also search national databases like Grants.gov for federal programs relevant to your industry.
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SoFi receives compensation in the event you obtain a loan, financial product, or service through SoFi’s marketplace. This webpage is owned and operated by SoFi Lending Corp., licensed by the Department of Financial Protection and Innovation under the California Financing Law, license number 6054612; NMLS number 1121636. ((www.nmlsconsumeraccess.org)). This page is NOT operated by SoFi Bank. Loans, financial products, and services may not be available in all states. All loan terms, including interest rate, and Annual Percentage Rate (APR), and monthly payments shown through SoFi’s marketplace are from providers and are estimates based upon the limited information you provided and are for informational purposes only. All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each provider’s discretion. The actual loan terms you receive, including APR, will depend on the provider you select, their underwriting criteria, and your personal financial factors. The loan terms and rates presented are provided by the providers and not by SoFi Lending Corp. Please review each provider’s Terms and Conditions for additional details.
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†Credit score impact: To check the options, terms, and/or rates you may qualify for, SoFi and/or its network providers will conduct a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the provider(s) you choose will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit. Rates may not be available from all providers.
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Get a 1% match on crypto buys, and start the new year strong.
SoFi Plus members get an exclusive 1% match on crypto buys
with their SoFi Crypto accounts, paid out in stablecoin.
Offer ends 3/30/26.1
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Complimentary Plus Members with Eligible Direct Deposit or Qualifying Deposits or a $10/mo subscription are eligible for this promotion. Funds must be net-new and originate from the members’ SoFi Checking and Savings account to execute crypto buys by 3/30/26.
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Instantly fund from your SoFi Checking and Savings account to buy crypto. As long as you’re a SoFi Plus member with an active SoFi Crypto account, you’re eligible for a 1% match on crypto buys through 3/30/26.
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Complimentary Plus Members with Eligible Direct Deposit or Qualifying Deposits or a $10/mo subscription are eligible for this promotion. Funds must be net-new and originate from the members’ SoFi Checking and Savings account to execute crypto buys by 3/30/26.
Schedule unlimited 1:1 sessions with financial planners via SoFi Wealth.6
Get a 10% boost on SoFi Credit Card rewards—that’s up to 3.3% cash back rewards.5
Get 3% cash back rewards points on SoFi Travel bookings (excluding airfare) with any card.7
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Complimentary Plus Members with Eligible Direct Deposit or Qualifying Deposits or a $10/mo subscription are eligible for this promotion. Funds must be net-new and originate from the members’ SoFi Checking and Savings account to execute crypto buys by 3/30/26.
{/* FAQs */}
FAQs
What are the specific promotion phases?
The 1% Crypto Match Promotion runs from January 15, 2026 through December 31, 2026 and is divided into two phases.
Offer Phase (Buying Window): Jan 15, 2026 (9:00 a.m. ET) – March 30, 2026 (11:59 p.m. ET).
Holding Phase (Holding Window): March 31, 2026 (12:00 a.m. ET) – December 31, 2026 (11:59 p.m. ET).
How do I qualify for this promotion?
To be eligible for this Promotion, you must be a SoFi Plus member AND participate in BOTH the Offer Phase and Holding Phase to receive the 1% match bonus.
What is an eligible crypto buy?
An eligible crypto buy is a successful SoFi Crypto purchase transaction, funded directly from your Sofi Checking and Savings, to buy Supported Digital Assets.
How will I receive my 1% Match bonus?
SoFi Plus members can earn a 1% Match on “Net Funded Crypto Buys” made through SoFi Bank, N.A., capped at a total buy volume of $250,000.
Eligible crypto buys must be funded directly from your SoFi Checking & Savings. Incoming crypto transfers do not qualify.
The 1% Match is based on the total USD value of eligible crypto buys made during the Offer Phase, MINUS the notional value of any cash or digital asset withdrawals from your SoFi Crypto accountant any time before Dec 31, 2026.
Selling digital assets does not reduce your match amount provided the proceeds remain in your SoFi Crypto account or are used to buy other digital assets.
When will I be paid my 1% Match bonus?
The 1% Match payout will be paid in a one-time bonus, in stablecoin, credited to the member’s SoFi Crypto account. 1% Match bonus payments will begin at the conclusion of the promotion period on or around January 2027.
Is there a penalty for withdrawing funds and/or assets?
Yes, funds and/or digital assets must remain in your SoFi Crypto account through 12/31/26 to be eligible for the 1% match bonus. If you withdraw funds and/or digital assets before 12/31/26 you will be subject to a reduced or forfeiture of your eligible 1% crypto match.
Examples
Scenario 1 – Standard Buy and Hold
A SoFi Plus Member executes $1,000 worth of crypto buys during Offer Phase and holds the digital assets on platform through Dec 31, 2026.
1% Match: $10 in stablecoin.
Scenario 2 – Cash/Digital Asset Withdrawal
A SoFi Plus Member executes $1,000 worth of crypto buys during Offer Phase and withdraws $500 (cash or digital asset withdrawal) before Dec 31, 2026. 1% Match: $5 in stablecoin – 1% of the remaining $500 net funded amount
Scenario 3 – Trading/Rebalancing Portfolio
A SoFi Plus Member executes a $1,000 BTC crypto buy. Later, sells $500 of BTC to buy ETH. No withdrawals made and holds digital assets on platform through Dec 31, 2026.
1% Match: $10 in stablecoin – 1% Match based on original net funding for crypto buys
Scenario 4 – Market Value Changes
A SoFi Plus Member executes $1,000 worth of crypto buys. Market drops portfolio value to $800. No withdrawals made and digital assets held on platform through Dec 31 2026.
1% Match: $10 in stablecoin – Market performance does not affect 1% match payout.
See more FAQs
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Earn a 1% match on crypto through 3/30/26.
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Get $1,000 in value1 each year with the new SoFi Plus
More savings.
Plus more rewards.
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Add it all up, and subscribe for just $10/month2 or at no extra cost with direct deposit.
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1 Terms and conditions apply. For 401(k) rollovers, existing SoFi IRA members must complete 401k rollovers via this link For SoFi members without a SoFi IRA, a SoFi IRA must first be opened, and 401(k) rollover must be completed utilizing Capitalize via this link. SoFi and Capitalize will charge no additional fees to process a 401(k) rollover to a SoFi IRA. SoFi is not liable for any costs incurred from the existing 401k provider for rollover. Please check with your 401k provider for any fees or costs associated with the rollover. For IRA contributions, only deposits made via ACH and cash transfer from SoFi Bank accounts are eligible for the match. Click here for the 1% match terms and conditions.
2 Terms and conditions apply. For 401(k) rollovers, existing SoFi IRA members must complete 401k rollovers via this link For SoFi members without a SoFi IRA, a SoFi IRA must first be opened, and 401(k) rollover must be completed utilizing Capitalize via this link. SoFi and Capitalize will charge no additional fees to process a 401(k) rollover to a SoFi IRA. SoFi is not liable for any costs incurred from the existing 401k provider for rollover. Please check with your 401k provider for any fees or costs associated with the rollover. For IRA contributions, only deposits made via ACH and cash transfer from SoFi Bank accounts are eligible for the match. Click here for the 1% match terms and conditions.
3 Terms and conditions apply. For 401(k) rollovers, existing SoFi IRA members must complete 401k rollovers via this link For SoFi members without a SoFi IRA, a SoFi IRA must first be opened, and 401(k) rollover must be completed utilizing Capitalize via this link. SoFi and Capitalize will charge no additional fees to process a 401(k) rollover to a SoFi IRA. SoFi is not liable for any costs incurred from the existing 401k provider for rollover. Please check with your 401k provider for any fees or costs associated with the rollover. For IRA contributions, only deposits made via ACH and cash transfer from SoFi Bank accounts are eligible for the match. Click here for the 1% match terms and conditions.
4 Terms and conditions apply. For 401(k) rollovers, existing SoFi IRA members must complete 401k rollovers via this link For SoFi members without a SoFi IRA, a SoFi IRA must first be opened, and 401(k) rollover must be completed utilizing Capitalize via this link. SoFi and Capitalize will charge no additional fees to process a 401(k) rollover to a SoFi IRA. SoFi is not liable for any costs incurred from the existing 401k provider for rollover. Please check with your 401k provider for any fees or costs associated with the rollover. For IRA contributions, only deposits made via ACH and cash transfer from SoFi Bank accounts are eligible for the match. Click here for the 1% match terms and conditions.
5 Terms and conditions apply. For 401(k) rollovers, existing SoFi IRA members must complete 401k rollovers via this link For SoFi members without a SoFi IRA, a SoFi IRA must first be opened, and 401(k) rollover must be completed utilizing Capitalize via this link. SoFi and Capitalize will charge no additional fees to process a 401(k) rollover to a SoFi IRA. SoFi is not liable for any costs incurred from the existing 401k provider for rollover. Please check with your 401k provider for any fees or costs associated with the rollover. For IRA contributions, only deposits made via ACH and cash transfer from SoFi Bank accounts are eligible for the match. Click here for the 1% match terms and conditions.
6 Terms and conditions apply. For 401(k) rollovers, existing SoFi IRA members must complete 401k rollovers via this link For SoFi members without a SoFi IRA, a SoFi IRA must first be opened, and 401(k) rollover must be completed utilizing Capitalize via this link. SoFi and Capitalize will charge no additional fees to process a 401(k) rollover to a SoFi IRA. SoFi is not liable for any costs incurred from the existing 401k provider for rollover. Please check with your 401k provider for any fees or costs associated with the rollover. For IRA contributions, only deposits made via ACH and cash transfer from SoFi Bank accounts are eligible for the match. Click here for the 1% match terms and conditions.
By Erik Carlson |
Uncategorized |
Comments Off on STEM Student Loans | SoFi
STEM STUDENT LOANS
Graduate loans to keep your STEM studies moving forward.
View your rate
Checking your rate will not affect your credit score.✝︎
Federal graduate loan programs have changed. SoFi’s got you covered—with competitive rates and flexible repayment options. May nothing stop you from innovating with your grad STEM degree.
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Checking your rate will not affect your credit score.✝︎
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Your STEM student loan comes with benefits.
Our graduate student loans are designed to give you peace of mind so you can focus on your studies.
All online. All easy.
Finish our online application in minutes—and adding a cosigner is just as easy.
Competitive rates.
A lower interest rate could now translate to a smaller debt burden after graduation.
No fees required.
That means no origination fees, no late fees, and no insufficient funds fees. Period.
Exclusive SoFi member benefits.
Including exclusive rate discounts1, access to financial planning resources2, and more.
View your rate
Checking your rate will not affect your credit score.†
Rates on graduate school loans for STEM students.
Choose from a fixed or variable graduate student loan.
SoFi’s STEM graduate student loans are tailored to fit your needs.
Get up to 100% of your school-certified costs covered.
That’s how long it takes to get a rate quote.
Earn a 3.0 GPA or higher and get a cash bonus up to $250.3
We offer a six-month grace period to find a job before repayment begins.
View your rate
Checking your rate will not affect your credit score.†
Our STEM student loan application process is fast, simple, and smart.
Screen images simulated.
Apply online in just minutes.
Get your rate fast and find out if you’re pre-qualified before you even finish your application. Easily add a cosigner in just a few clicks.
Select your rate and repayment option.
Choose from fixed or variable rates. Then, pick from four repayment options.
Sign and accept your loan.
Upload screenshots of your info, sign your paperwork electronically, and boom—it’s done. We’ll handle it from here.
View your rate
Checking your rate will not affect your credit score.†
Engineer repayments to fit into your life.
Our repayment options allow you to choose what will work with your budget and lifestyle.
Deferred
Start paying principal and interest payments six months after you leave school.
No payments while in school
Highest overall cost option
Interest only
Pay only interest payments while you’re in school.
Moderate payment while in school
Reduces overall cost
Partial
Pay a $25 fixed monthly payment while you’re in school.
Lowest payment option while in school
Reduces some of the overall cost
Immediate
Start paying principal and interest payments right away.
Highest payment option while in school
Lowest overall cost option
View repayment examples
STEM graduate student loan FAQs
Who is eligible for SoFi STEM graduate loans? SoFi’s private loans can be used for borrowers pursuing science, technology, engineering, and mathematics degrees.
What expenses can a SoFi STEM graduate loan cover?
SoFi’s private student loans can be used for up to 100% coverage of school-certified expenses. This includes tuition, fees, technology, housing, and more.
Can I use a SoFi STEM loan for a master’s or PhD program?
Yes, SoFi’s private student loans can be used for these programs.
What are the borrowing limits for SoFi STEM graduate loans?
SoFi’s loans can be used for up to 100% coverage of school-certified expenses.
Do I need a cosigner to qualify for a SoFi STEM loan?
No, you do not need a cosigner to qualify for a SoFi STEM loan. However, cosigners could help you get a lower rate and/or increase your chances of approval. With SoFi’s online application process, you and your cosigner can see what rates and terms you pre-qualify for before submitting your full loan application—and it won’t impact your credit score.
When do repayment and interest begin on SoFi STEM graduate loans?
This will depend on the loan terms that are selected. If you choose the deferred repayment option, full principal and interest payments can be deferred as long as the student remains enrolled at an eligible school at least half-time. STEM borrowers have a 6-month grace period.
