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Bridge Loan Info provided by Rep. Christopher Davis

Chris Davis shared a post.

Just now

Under his emergency authority, Governor Ned Lamont today announced that most Connecticut small businesses and nonprofits that have been negatively impacted by the global spread of the COVID-19 pandemic can now apply for one-year, no-interest loans of up to $75,000 under the launch of a new program administered by the state’s Department of Economic and Community Development (DECD).

The Connecticut Recovery Bridge Loan Program will make $25 million available to Connecticut businesses and nonprofits that have 100 or fewer employees to assist with cash flow. Loan amounts are up to the lesser of either three months operating expenses and/or $75,000.

Provisions and eligibility requirements as established by DECD 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; and
· Ineligible companies include those involved in real estate, multi-level marketing, adult entertainment, cannabis, and firearms.

For more information on the loan program, please visit,
https://portal.ct.gov/…/Cor…/CT-Recovery-Bridge-Loan-Program

As always, please feel free to reach out to me at christopher.davis@housegop.ct.gov or repdavis.com regarding ways the state can provide additional relief to employers and small businesses as I recognize that a loan may not be the best solution for some small businesses during these tough times.

We are also still waiting on more information on the next federal stimulus package with additional relief for employers that is now awaiting a potential vote in the United States House of Representatives.Christopher Davis

 

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