Short-term loans available for nonprofits & small businesses

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Dear Neighbor,

Some good news for small businesses and nonprofits negatively affected by the COVID-19 pandemic!

The Connecticut Recovery Bridge Loan Program, announced by Governor Ned Lamont, will make $25 million available to Connecticut businesses and nonprofits that have 100 or fewer employees to assist with cash flow.

Small businesses and nonprofits can now apply for one-year, no-interest loans of up to $75,000 under the program administered by the state’s Department of Economic and Community Development (DECD).

Please read the Governor’s press release regarding the loan program by clicking the image below.
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Loan amounts are up to the lesser of either three months operating expenses and/or $75,000.

Provisions and eligibility requirements include:

Zero percent interest rate;
12-month term with 6-month extension per request;
Personal guaranty and credit score required;
Approval contingent upon business being profitable prior to March 10, 2020 and no adverse personal credit reports 60 days past due for the last 6 months.

All eligibility and application information can be found on the state’s COVID-19 website at ct.gov/coronavirus

As always, if you or someone you know requires assistance, please don’t hesitate to reach out to me at 860-240-8585 or email me at Gary.Turco@cga.ct.gov. Don’t forget to like my Facebook page for news and legislative updates!

Sincerely,

Gary Turco
State Representative