CT OFFERS SMALL BUSINESS AND NONPROFIT LOANS:
CT OFFERS SMALL BUSINESS AND NONPROFITS LOANS
The DECD is offering short term loans up to $75,000 to businesses with less than 100 employees with 0% interest for one year.
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
.
