Middletown Economic Development Bridge Loan


The Middletown Economic Development Bridge Loan Program is created to assist Middletown businesses with 20 or fewer employees that have been impacted by the COVID virus.

The City of Middletown is investing $250,000 to provide financial assistance to businesses to help them get back on their feet, keep them viable until the economy comes back and/or transition to a different business model.  Repayment terms of the Bridge Loans allow businesses to invest the funds without immediate repayment.  Businesses will have until December 2021 to complete repayment, and if they repay the loan in full by December 31, 2020, recipients will not pay interest on the loan.  Additionally, businesses can prepay without penalty.

The City of Middletown has partnered with the Middlesex County Revitalization Commission (MCRC), a not-for-profit lender based at the Chamber and created by a special act of the Connecticut General Assembly.  MCRC’s role would be as a fiscal agent for the program—to receive the funds, close and administer the loans until repayment is complete and remit the funds back to the City.  The City will receive a 5% fee for its services.

City staff will market the program and, in partnership with MCRC, underwrite and vet the loans.  City staff would continually monitor the businesses which receive the loans until they complete repayment.

We are not accepting applications before June 8, 2020, 8:30 am. Early applications will not be considered and will have to be resubmitted on June 8.


Budget:  $250,000


  • MCRC receives the funds and issues the loans
  • MCRC and Planning staff will vet and underwrite the loans

Middletown Small Business Loans: Up to $10,000

  • Small Business defined as 20 employees or less
  • Business must be Middletown based; or have an operation in the City

Term – Interest Rate:

  • 1 year loan at 3.5% interest
  • Payments start January 2021, end 12/31/21
  • If paid back by 12/31/20, no interest is owed
  • No prepayment penalties

Uses of Funds:

  • COVID related expenses
    • Payroll
    • Inventory
    • Employee training
    • “Re-Start” expenses
    • Utilities
    • Working capital
    • Working capital until its SBA and/or DECD funding comes through
    • Other: only if approved by City staff

Other Requirements:

  • Application must be complete before it will be accepted
  • Personal guarantee and/or collateral required for the full amount
  • Must be current on all Middletown, Connecticut and Federal taxes and fees.
  • Loans must be approved by the City of Middletown Common Council

Staff Administration of Program:

MCRC Staff

  • Jeffrey Pugliese

City Staff

  • Joseph Samolis
  • Thomas Marano

Background on MCRC:MCRC Logo

In conjunction with the Middlesex County Chamber of Commerce (Chamber), MCRC was created by a special act of the CT General Assembly in 1993 (Special Act 93-96) and in 2013 the Special Act was amended to greatly increase the scope of its partnering abilities with State and Federal agencies (Special Act 13-8). For over 27 years, MCRC’s mission has been to encourage and stimulate economic development and revitalization in Middlesex County. In recent years, MCRC has served as an effective regional lending partner of the State of Connecticut through the Small Business Express Program where it provides low interest loans and/or grants to small and mid-sized businesses in the region.

MCRC consists of one member from each of the fifteen cities and towns in Middlesex County, and a representative from the Middlesex County Chamber of Commerce. The Chief Executive Officer of each municipality, or his/her designee, is the representative from each Town on the MCRC Commission.

MCRC partners with the Chamber at its headquarters in Middlesex County, and provides the staffing to administer these programs and funds. The Chamber provides a direct link to the business community, and a physical location to conduct business and support business borrowers and other local stakeholders.


At this point in time, the City is only accepting electronically submitted applications.  If you cannot submit electronically, please call 860-638-4840, to speak with someone regarding accommodations.

Application materials are available below.  Applications will only be accepted on or after the submission date.  Applications will continue to be accepted until the funding level has been reached.  Applications received after that point will be considered if funding becomes available in the order in which they were received.

Applications must be completely filled out and all supplemental material must be attached and submitted at the same time. Applicants will be notified if their application is incomplete. Incomplete application will not be considered accepted and therefore will not be eligible for consideration for the loan program.


The following forms are required for a complete submission for the Middletown Economic Development Bridge Loan. Additional information may also be required per the application, please become familiar with what is needed and required prior to the submission date.  Please note: the additional information required for the application may take time to compile. Once all forms are completely filled out, they can be submitted on or after the submission date(s).  


Applications with supporting materials can be printed (clink the links above to download documents) and emailed along with supporting materials to: BridgeLoan@middletownct.gov 


Click the link below, fill in the application completely as well as upload additional documentation as required.  Once complete, hit submit and your application will be sent in for initial review.  If the application is incomplete, you will get a notification.


CONTACT US WITH QUESTIONS AT: BridgeLoan@middletownct.gov or 860-638-4839