We have launched our emergency relief funding for nonprofits and small businesses impacted by the coronavirus. The Connecticut Recovery Bridge Loan Program will provide short-term loans to businesses and nonprofits with fewer than 100 employees. 0% interest for up to 12 months. Under this $25 million program, they can borrow up to $75,000.
We want to make this process as quick and easy as possible. You can find the one-page application, as well as the approval criteria and other important information by clicking here. DECD will administer the program with administrative and underwriting support from Connecticut Innovations.
We understand the challenges businesses face in these uncertain times. The survey we conducted with AdvanceCT and the Connecticut Business & Industry Association found that the most critical need for business is assistance with cash flow, with 82% of respondents expecting a drop in revenue due to COVID-19.
We’ll keep you updated as we take further actions. In the meantime, visit the state’s coronavirus website for the latest news about our support efforts. If you have any questions about this loan program call 800-500-2333 or email decdCTrecovery@ct.gov.
David Lehman, Commissioner