High Demand Expected – Get In Early!
ACT NOW!!!
First come first serve!
The Connecticut Recovery Bridge Loan Program is now live (March 25th 10:00pm) on the Department of Economic and Community Development (DECD) website.
- Click here to go to the DECD page: https://portal.ct.gov/DECD/Content/Coronavirus-Business-Recovery/CT-Recovery-Bridge-Loan-Program
This program will provide emergency cash flow relief to small businesses and nonprofits negatively impacted by the COVID-19.
Eligibility is for qualified organizations with 100 or fewer employees and will provide access to no-interest loans. Each business or nonprofit organization can apply for a loan of up to $75,000 or three months of operating expenses (whichever is lesser).
The first round of this program will have $25 million in short-term emergency loan funding and will be allocated on a first-come, first-served basis.
- Click here to apply: https://portal.ct.gov/DECD/Content/Coronavirus-Business-Recovery/Emergency-Bridge-Loan-Application-Form
Given the limited nature of the funds and the large need, we strongly encourage you to apply as soon as possible. Please note: Based on the number of loans available, we recommend you apply as soon as possible online at
- Click here to see FAQs: https://portal.ct.gov/DECD/Content/Coronavirus-Business-Recovery/CT-Recovery-Bridge-Loan-Program/FAQ
Overview
To provide emergency cash flow relief to small businesses and nonprofits negatively impacted by COVID-19, Connecticut is now offering qualifying organizations with 100 or fewer employees access to no-interest loans.
Under the Connecticut Recovery Bridge Loan program, a qualifying business or nonprofit organization can apply for a loan of up to $75,000 or three months of operating expenses (whichever is lesser).
This $25 million short-term emergency loan program will be allocated on a first-come, first-served basis. The program will be administered by the Department of Economic and Community Development (DECD) and expedited with the administrative and underwriting support of Connecticut Innovations.
Eligibility
To be considered for this program, your business or nonprofit must:
- Have no more than 100 employees
- Be in good standing with the Department of Revenue Services (DRS) & DECD
- Have been profitable prior to March 10, 2020— with no adverse personal credit reports 60 days past due the past six months
- Not be involved in real estate, multi-level marketing, adult entertainment, cannabis or firearms; nor be a state elected public official or state employee
Terms & Conditions
- Loan maximum of (a) $75,000 or (b) three months operating expenses, whichever is less
- 0% interest rate
- 12-month term, with 6-month extension available per request
- Freely pre-payable
- Working capital loan
- Personal guarantee and credit score required
How to Apply
The following information will also be required:
- Project Financing Plan & Budget
- 2019 Income Statement (or) Profit and Loss Statement
- Internal Financial Statements (YTD)
- 3-month projected cash flow, demonstrating need
- Summary of adverse economic impact resulting from COVID-19
- Recent credit score report
- Applicant Structure Documents
- Personal Financial Statement
- Ownership Breakdown
- DRS Letter of Good Standing
Program Process
Upon completing the application and obtaining the required documentation, organizations can submit the information online, via email to decdctrecovery@ct.gov.
After the underwriting and due diligence process, if your loan application is approved DECD will:
- Issue a Letter of Intent, outlining the loan amount and terms
- Work with you to execute a Standard Assistance Agreement
- Ask you to complete ACH paperwork so that funds can be transferred by wire.
For details on the application process, please:
Contact
For additional information or questions, contact the Express Hotline at (860) 500-2333 or via email at decdctrecovery@ct.gov. Email preferred due to high volume on phone lines.