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State to offer loans to businesses, nonprofits

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.  Bethel Representative Raghib Allie-Brennan says the Connecticut Recovery Bridge Loan program will allow qualified entities to apply for a loan of up to $75,000, or three months of operating expenses, whichever is lesser.  The $25 million short-term emergency loan program will be allocated on a first-come, first-served basis. The program will be expedited with the administrative and underwriting support of Connecticut Innovations.  More information can ben found on the state's website. https://portal.ct.gov/DECD/Content/Coronavirus-Business-Recovery/CT-Recovery-Bridge-Loan-Program?fbclid=IwAR3IQVaxCEqe0anz2-XRh_pUFCt38VT1Mhu1FgDtfJi6GDwnHgjBYlFm3W0

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Dave Rinelli

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