HARTFORD, Conn. (WTNH)– A day and a half after the state began accepting applications for its Recovery Bridge Loan Program, it has stopped taking applications for now.
More than 4,000 cash-strapped small businesses flooded the Department of Economic and Community Development hoping for a chance at the zero-interest loans.
They’re designed to help businesses and nonprofits who are impacted by the Covid-19 crisis.
“But the good news is the bridge loan program from the feds is going to be active I think within a month or two, so we are not going to have to have our bridge loan quite as long,” said Governor Ned Lamont.
Each business is eligible for up to $75,000. The state calls this the “first round” and says it has doubled funding for the program to $50 million.