State officials are finalizing the terms of a bridge loan program for Connecticut businesses facing a revenue crunch as they await the release of federal emergency loans or other assistance, reports the Hartford Business Journal.

The state’s quasi-public venture and lending arm Connecticut Innovations (CI) will be reviewing and funding the loans, which will be as large as $75,000, with an overall funding commitment of $20 million, CI officials said during a board meeting on Tuesday. Interest and principal payments could also be deferred for a year, officials said. While exact interest rates weren’t discussed during the meeting, state officials during a conference call last week that the loans could charge between 0% and 1%.

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