Update to Liberty Bank Line of Credit Information
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Good morning Business Owners
The State of Connecticut through the Department of Economic and
Community Development has finalized the bridge loan program for CT
businesses affected by COVID-19. Below please find all of the
information you need to apply:
Overview
To provide emergency cash flow relief to small businesses and
nonprofits negatively impacted by the coronavirus, Connecticut is now
offering qualifying organizations with 100 or fewer employees access
to no-interest loans.
Under the Connecticut Recovery Bridge Loan program, a qualifying
business or nonprofit organization can apply for a loan of up to
$75,000 or three months of operating expenses (whichever is lesser).
This $25 million short-term emergency loan program will be allocated
on a first-come, first-served basis. The program will be administered
by the Department of Economic and Community Development (DECD) and
expedited with the administrative and underwriting support of
Connecticut Innovations.
______________________________
Eligibility
To be considered for this program, your business or nonprofit must:
* Have no more than 100 employees
* Be in good standing with the Department of Revenue Services
(DRS) & DECD
* Have been profitable prior to March 10, 2020- with no
adverse personal credit reports 60 days past due the past six months
* Not be involved in real estate, multi-level marketing, adult
entertainment, cannabis or firearms; nor be a state elected public
official or state employee
Terms & Conditions
* Loan maximum of (a) $75,000 or (b) three months operating
expenses, whichever is less
* 0% interest rate
* 12-month term, with 6-month extension available per request
* Freely pre-payable
* Working capital loan
* Personal guarantee and credit score required
How to Apply
To apply for the Connecticut Recovery Bridge Loan Program, applicants
must complete an
application. https://portal.ct
The following information will also be required:
* Project Financing Plan & Budget
* 2019 Income Statement (or) Profit and Loss Statement
* Internal Financial Statements (YTD)
* 3-month projected cash flow, demonstrating need
* Summary of adverse economic impact resulting from COVID-19
* Recent credit score report
* Applicant Structure Documents
* Personal Financial Statement
* Ownership Breakdown
* DRS Letter of Good
Standing https://portal.ct.gov
Program Process
Upon completing the application and obtaining the required
documentation, organizations can submit the information online, via
email to decdctrecovery@ct.gov.
After the underwriting and due diligence process, if your loan
application is approved DECD will:
* Issue a Letter of Intent, outlining the loan amount and terms
* Work with you to execute a Standard Assistance Agreement
* Ask you to complete ACH paperwork so that funds can be
transferred by wire.
For details on the application process, please:
* View Frequently Asked
Questions https://portal.ct.go
Contact
For additional information or questions, contact the Express Hotline
at (860) 500-2333 or via email at
decdctrecovery@ct.gov. Email preferred
due to high volume on phone lines.
Please also visit the Town’s Economic Development
webpage https://www.westhartfo
available.
Glenn A. Taylor
Assistant Vice President, Branch Manager
NMLS #751078
/////////////////////////////////////////////
Greetings Fellow Newington Chamber Members
I hope this email finds you and your families all in good health and
are surviving this current crisis as best possible.
Liberty Bank has been in service for our customers and the communities
since 1825 in times of prosperity and optimism as well as through
those times where uncertainty and doubt hung over our heads. At the
present time when this global epidemic is threatening all our
communities, Liberty Bank is here and ready to support these
communities, its citizens and businesses. As a mutual bank, Liberty
Bank is financially strong and well capitalized.
These unfortunate circumstances will pose many different challenges to
businesses of all sizes and it is our sincere hope that each one comes
out of this short term dilemma stronger and more resolute. Some may
need some type of short term remedy to help cash flow issues, pay
vendors and make those payroll responsibilities. Liberty Bank offers a
wide range of products and services to handle these needs. One of them
is the Liberty Bank Express Business line of Credit/loan. This is a
great product as the particulars are outlined below:
LIBERTY BANK EXPRESS BUSINESS LINE OF CREDIT/LOAN
Product:
Lines of Credit and Term Loan (excludes real estate credit requests)
Amount:
Up to $150,000 aggregate exposure
Term:
Lines of Credit are generally open ended with no stated maturity. Term
Loans may have up to a seven (7) year maximum term.
Rate:
Generally Prime plus 2.00% to 4.00% based on credit characteristics
Collateral:
A UCC shall be filed without priority preference.
Guaranty:
Unlimited guaranty required of all with 20% or more ownership in the
applicant.
Fees:
$275 for all requests, due and payable at the time of acceptance by
the applicant. Additional fees may apply if structured to include a
credit enhancement (SBA).
Payment:
Term Loans shall be repaid by monthly principal and interest payments
amortized over the loan term. Lines of Credit include monthly payments
of interest only, principal due upon demand. Business to open and
maintain a Liberty business checking account with pre-authorized
payments.
No Business or Personal Financials/Tax Returns need to be submitted
No Annual Fees
Invoices needed for all equipment/assets that will be purchased with
the requested loan proceeds.
* The maximum credit request is $150,000 including all
existing exposure to the applicant and its affiliates.
* The applicant must have been in business for one year
(twelve consecutive months).
* Line of credit requested amount cannot exceed 25% of annual
revenue.
* Term loan amount cannot exceed 75% of the equipment to be
purchased with the loan proceeds.
ATTACHED IS THE SIMPLE APPLICATION FOR THIS GREAT PRODUCT
IF YOU HAVE ANY QUESTIONS, PLEASE CONTACT ME AT THE NUMBERS BELOW, I
WOULD BE HAPPY TO DISCUSS THIS PRODUCT OR ANY OTHER WAY THAT LIBERTY
BANK CAN HELP YOU AND YOUR BUSINESS.
LIBERTY BANK CAN ALSO ASSIST YOU AND YOUR BUSINESS WITH THE LENDING
ASSISTANCE OFFERED BY THE SBA AND OTHER GOVERNMENT BACKED SERVICES.
THANKS SO MUCH AND PLEASE BE CAREFUL AND BE SAFE
MY BEST
Glenn A. Taylor
Assistant Vice President, Branch Manager
NMLS #751078
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