Bristol Launches Small Business Loan Fund
Bristol launched a new loan fund Jan. 31 focused on driving small business growth and job creation and retention in the city.
The $750,000 Forgivable Revolving Loan Fund is offered in partnership with the Hamden-based nonprofit Community Investment Corporation.
It features a competitive interest rate, flexible loan terms, and the potential for 50% forgiveness if businesses meet certain conditions.
City officials said businesses that make monthly payments and conduct business in Bristol for a minimum of 10 years following the loan closing may see 50% of loans forgiven.
Bristol economic and community development executive director Justin Malley said the fund “incentivizes business investments to improve commercial property, increase local employment, and otherwise stimulate economic development.”
“The program was designed with guidance from Bristol’s private banks and lenders as a way to complement, rather than replace, traditional financing,” he said.
Loans up to $50,000 are available for businesses with 250 or fewer employees. Businesses located within the city’s enterprise zone are eligible for loans up to $62,500.
Nonprofit organizations and firms with federally restricted businesses, such as cannabis vendors, are not eligible.
EXPLORE BY CATEGORY
Stay Connected with CBIA News Digests
The latest news and information delivered directly to your inbox.