RECOVERY BRIDGE LOAN PROGRAM
AVAILABLE FOR NON-PROFITS
The small-business loan program Governor Lamont and I mentioned in our conference call a few days ago is here. 

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 or three (3) months of operating costs.

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 . 

Sincerely, 
David Lehman, Commissioner
Connecticut Department of Economic & Community Development
ELIGIBLITY

 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 AND CONDITIONS

  • Provides emergency cash flow relief to small businesses and nonprofits negatively impacted by the coronavirus
  • Funding is in the form of a loans with 0% interest, 12-month term, w 6-month extension available
  • Loan maximum of (a) $75,000 or (b) three operating expenses, whichever is less
  • Program has a budget of $25 million and will be allocated on a first-come, first-served basis
  • Freely pre-payable
  • Personal guarantee and credit score required
  • Process is quick and easy with a one-page application.

For more information on How to Apply , Required Documentation and Process , click here .


We at the Connecticut Office of the Arts (COA) are working towards a fulltime telework plan to promote social distancing in the face of the COVID-19 pandemic. During this time, we are available to you through email and telephone and encourage you to contact us. A list of COA staff can be found here .