Posted on March 27, 2020 by admin
On Thursday (3/26), Governor Ned Lamont announced the launch of the Connecticut Recovery Bridge Loan Program, which allows Connecticut small businesses and nonprofits that have been adversely affected by the COVID-19 outbreak to apply for one-year, no-interest loans of up to $75,000.
Administered through the Department of Economic and Community Development (DECD), the loan program makes $25 million available to businesses and nonprofits that have 100 or fewer employees to assist with three months of operating expenses and cash flow while the state continues its work to combat coronavirus. The bridge loans carry a 12-month term with a 6-month extension per request.
The administration has created a website—which you can access by clicking here—complete with details on the application process and eligibility requirements, as well as an FAQ section.