FOR IMMEDIATE RELEASE 5/28/20

City of Middletown Announces Small Business Grants and Loans Financial Assistance During COVID-19 Crisis
Middletown Mayor Benjamin Florsheim announced today the City is investing $250,000 in Middletown businesses to help them recover from the COVID-19 crisis.  Middletown businesses with 20 or fewer employees which are impacted by the COVID virus can apply for a loan of up to $10,000 to help them reopen and start on the road to recovery.  The applications are available on the City’s website http://www.middletownct.gov/1188/Middletown-Economic-Development-Bridge-L. 
 
The loans are offered at 3.5% interest and offer easy repayment terms which allow businesses to invest the funds without immediate repayment.  The loans can be used to help businesses pay for things like start-up expenses, investments in new technology and/or transition costs to a different business model. 
 
The businesses have until December 31, 2021 to repay the loans.  They can prepay without penalty; and those who complete repayment by December 31, 2020 will not have to pay interest.The City has partnered with the Middlesex County Revitalization Commission (MCRC), a not-for-profit lender created by an act of the legislature and based at the Middlesex County Chamber of Commerce to administer the loans.

Middletown businesses can submit questions to BridgeLoan@middletownct.gov or call Thomas Marano at 860-638-4839.
 
In addition, the City of Middletown, through the Department of Planning, Conservation and Development, will provide operating grants to business owners for the purpose of assisting small businesses in continuing operations and keeping residents employed.  The City is utilizing federal Community Development Block Grant Funds so all applicants must agree to be compliant with federal regulations.
 
Grant funds are intended to support ongoing operations during the COVID-19 Pandemic. The approved use of funds is anticipated to be rent/mortgage, utilities, and other fixed costs.
 
The City grants will not exceed $5,000. The amount will be based upon the documented need of the business and available resources.  Businesses must demonstrate losses greater than the requested and approved amount.
 
Assistance must result in continued employment of low/moderate income individual(s) for one year from the date of grant acceptance.
 
For more information regarding the CDBG Grant Program, please email MiddletownCDBG@middletownct.gov or call Lynda MacPherson at 860-638- 4837  Grant information can be found at: http://www.middletownct.gov/1147/CDBG-Small-Business-Grants
 
The City will start to accept applications for both the Loan and Grant program on June 8, 2020.