Gov. Dannel P. Malloy on Monday said the state will be offering a comprehensive business assistance program to help companies negatively impacted by Hurricane Irene.
The program, which will be run by the Department of Economic and Community Development (DECD), will allow businesses sustaining damage from the storm to be eligible for assistance, including bridge financing and loans covering uninsured losses.Â
The program will offer:
·        Loans of up to $500,000 to companies for storm-related damage, including property, machinery and equipment, and working capital;
·        Loan guarantees of up to $500,000 will be provided to banks and other lenders to spur local lending to businesses impacted by the storm;
·        Grants will be available to businesses for immediate training needs, both for those employees displaced by business closure or those being trained to assist in disaster recovery.
·        Technical assistance, linking businesses to a wide array of state and federal resources.
“This storm had a tremendous impact on residents and businesses alike,” Malloy said. “As we move forward in our recovery efforts, I want to ensure that businesses that were affected get the financial and technical help they need in a timely fashion. Providing this type of assistance will ensure that Connecticut companies get back to business, which in turn will help the state’s economy stay on track in the wake of this devastating storm.”
Information for DECD services can be accessed through http://www.decd.org/ or by calling 860-270-8215
