The Middlesex County Revitalization Commission's Revolving Loan Fund was established to encourage and stimulate small and mid-size businesses. The creation and retention of jobs by these businesses is consistent with the goal of the Region’s Strategic Economic Development Plan. Original funding of $500,000 was provided by the Connecticut Department of Economic and Community Development.
The Fund helps to meet the credit needs of businesses which are unable to access traditional lending sources. The program does not compete with private sector lenders or investors, but works in conjunction with these services whenever possible to maximize the impact of all loan funds available.
The Fund recognizes the critical importance of manufacturing to our region and targets loans to this segment of our economy. However, most businesses seeking assistance will be considered for participation in this program.
Terms and Conditions
PURPOSE: A revolving loan fund designed to encourage growth and stimulate small and mid-sized industries and businesses resulting in the creation and retention of jobs in the region.
WHERE: Applicants located in Chester, Clinton, Cromwell, Deep River, Durham, East Haddam, East Hampton, Essex, Haddam, Killingworth, Middlefield, Middletown, Old Saybrook, Portland and Westbrook.
ELIGIBLE ACTIVITIES: With a primary focus on manufacturing and some retail, the Fund will entertain requests for the following:
1. Acquisition and/or renovation of commercial or industrial real estate in which the applicant occupies a significant portion of the available space for the operation of the business.
2. Purchase of machinery and equipment.
3. Short term loans to assist with the acquisitions of inventory, the financing of receivables and the overall enhancement of working capital.
TYPES OF LOANS: Direct Loans, Participation Loans and Loan Guarantees.
LOAN AMOUNT: Loans up to $50,000.
MINIMUM INTEREST RATE: 6%
TERM: Maximum 5 years
FEES: There is a $200 non-refundable application fee. In addition, a 1 point charge at closing of loan.
How To Apply
The Loan Approval Process consists of several steps designed to obtain necessary information for the diligent review of the project under consideration. Outlined below are the major steps of the process.
1. Contact the Revitalization Commission, (860) 347-6924.
2. Complete application.
3. Pre-qualifying interview.
4. Business plan with completed financial data - 2 year historical data; minimum 24 months/monthly cash flow projections and the balance sheet.
5. Personal Financial Statements of Principal(s).
6. Tax returns for business and principal for the 2 most recent years.
7. Resume of Principal(s).
8. Appraisal and Environmental survey on property to be acquired and/or used for collateral.
The Loan Approval Process
Prospective borrowers should return completed application and additional information to:
Middlesex County Revitalization Commission
393 Main StreetMiddletown CT 06457
Phone: (860) 347-6924Fax: (860) 346-1043.
Loan requests are presented for approval on a monthly or as-needed basis to the Loan Committee and are ratified by the Middlesex County Revitalization Commission. The Commission may vary terms when exceptional circumstances dictate.