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 .


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