Overwhelming Response to State Bridge Loan Program Forces DECD to Hit ‘Pause’

At 6 p.m. today, the Department of Economic and Community Development announced it will stop accepting applications for the Connecticut Recovery Bridge Loan program, having received more than 4,000 applications since the program was launched yesterday morning. 

Within the last 24 hours, DECD, along with its partner, Connecticut Innovations, has added additional staff to process applications for this loan program. In addition, the agency said it is doubling the funding in the program to $50 million. 

DECD Commissioner David Lehman said the agency will continue to monitor this rapidly evolving situation and keep in close contact with small businesses and nonprofits as they grapple with the effects of this pandemic on their operations and employees.  

“We feel it is prudent to hit pause and stop taking more applications right now to ensure we can process the current queue efficiently and get this much-needed money out the door as quickly as possible,” Lehman said. Lehman encouraged businesses to apply for SBA disaster assistance loans, linked here: https://disasterloan.sba.gov/apply-for-disaster-loan/index.html.

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