Connecticut will roll out a small-business recovery loan fund as early as the beginning of next week to help small to mid-sized companies bridge short-term cash-flow interruptions caused by the economic upheaval precipitated by the coronavirus pandemic, the Hartford Business Journal reports.
The announcement came Wednesday afternoon on a conference call with Gov. Ned Lamont and David Lehman, commissioner of the state’s Department of Economic & Community Development (DECD), to update the state’s business community on measures state government is taking to mitigate the pandemic’s economic impact.
DECD is coming up with its own small-business recovery loan fund to provide very low-cost bridge loans to small businesses in Connecticut. The loan fund will provide small low- or no-interest loans to be repaid over 12- or 18-month periods until company revenues are flowing again. The purpose is to allow financially distressed businesses to cover three months of operating expenses, Lehman explained.