State Announces Business Assistance Program

Businesses affected by Irene can access loans and grants through the initiative.

The state will implement a comprehensive business assistance program to help companies affected by Irene.

Gov. Dannel P. Malloy and Catherine Smith, commissioner of the Department of Economic and Community Development, announced the program today.

“This storm had a tremendous impact on residents and businesses alike.  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,” Malloy said. “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.”

Businesses that sustained damage will be eligible for assistance, including bridge financing and loans covering uninsured losses, through DECD.  Highlights of the program include:

· 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.

A team of DECD workers has been assembled to work with companies at business resource centers around the state. They can assist and indentify financial and technical resources, as well as serve as business advocates with utility assistance, insurance companies and federal agencies.

A list of the centers is on the DECD website. Information for all services can be accessed through or by calling 860-270-8215.


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