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Gov. Lamont to launch zero-interest loan program for small businesses, nonprofits impacted by coronavirus

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HARTFORD, Conn. (WTNH) — Messages of hope are pouring out across Connecticut, like the sign hanging at Sally and Bob’s that reads, “we will get through this together.” 

“This has hit hard for everybody, not just us, but everybody and we will take any help we can get,” the eatery’s Helen Brower said.

While that thought might be a bit hard to grasp, Governor Ned Lamont is helping it become a reality. 

On Wednesday, he announced the launch of the Connecticut Recovery Bridge Loan Program, which will help small businesses and nonprofits.

It will be a zero-interest loan program to help Connecticut small businesses and nonprofits that have been impacted by COVID-19.

The program will be administered by the Department of Economic and Community Development and will make $25 million available to businesses and nonprofits in the state that have fewer than 100 employees.

More information will be released online within the next 24 hours. At that point, business owners can apply online. Officials hope the applicants can have the money within weeks.

“We are trying to make this as streamlined as possible,” said Commissioner David Lehman, Department of Economic and Community Development. “Obviously, we are working from home like many folks are as well. We are trying to get the money and process the application and get the money without delay in two or three weeks, but we are still working through the logistics on that, but our goal is to turn this very, very quickly. “

The federal government is offering another program on a much larger scale; however, it’s unclear how that program is going to work out for small business owners, but they are expecting money to come in from that as well.

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