HARTFORD, CT (WFSB) - Connecticut's governor launched an emergency no-interest loan program to help rescue the state's small businesses that were impacted by the coronavirus outbreak.
Gov. Ned Lamont announced the program, which also aims to help non-profit organizations, on Thursday morning.
He called it the Connecticut Recovery Bridge Loan Program.
He said it makes $25 million available to businesses and non-profits that have 100 or fewer employees. Loan amounts will be up to the lesser of either three months operating expenses and/or $75,000.
“We know that our small businesses and nonprofits have been hit hard by the public safety measures put into place to prevent the spread of this disease,” Lamont said. “Owners are understandably worried about their business, their employees, and their future. This program was designed to provide immediate financial assistance to help these organizations maintain operations and get through this difficult time.”
Officials said they expect between 500 and 700 of the loans to be needed in the coming weeks.
Provisions and eligibility requirements include:
- Zero percent interest rate;
- 12-month term with 6-month extension per request;
- Personal guaranty and credit score required;
- Approval contingent upon business being profitable prior to March 10, 2020 and no adverse personal credit reports 60 days past due for the last 6 months; and
- Ineligible companies include those involved in real estate, multi-level marketing, adult entertainment, cannabis, and firearms.
All eligibility and application information can be found on the state’s COVID-19 website at ct.gov/coronavirus.
With so many businesses shut down, people are looking for help.
Goodwill has eight career centers across the state, but they’re all closed now because of COVID-19.
So now, they’re doing something new by starting virtual career centers.
“We have fifteen career coaches who are out there every day on the phone, helping up to 91 people a day find jobs, and there are jobs out there. We are just helping them now during this period, hone their interviewing skills, get their resume in shape, get out there, and tell people they need a job,” said Jeff Wieser, Goodwill of Western and Northern Connecticut.
People can go to their website and set up and appointment online.
There are some industries that are hiring, such as grocery stores, Amazon, FedEx, and the postal service. Some manufacturing companies that make medical equipment are in need of more workers.
To set up an appointment with Goodwill, click here.