CURRENTLY NOT AVAILABLE, CHECK WITH OFFICE FOR MORE INFORMATION
Loans from the City of Middletown's Community Development Block Grant (CDBG) Revolving Loan Fund are available to small businesses for improvements and working capital at a ratio of $10,000 per new full-time low to moderate-income jobs.
Guidelines at a Glance
- Eligible businesses in the City of Middletown may be classified as Manufacturing, Research and Development, Service, or Retail/Wholesale Industries.
- Preference will be given to new or expanding firms in the fields of Manufacturing, High Technologies, and Research and Development.
- Funds must be used for fixed assets and working capital.
- Jobs may be semi-skilled or professional.
- Ratio of private sector funding is 1:1. For each dollar borrowed, an equal match of private dollars is required.
- No substitution of CDBG funds for private source of funds.
- Maximum loan: $50,000, and must be secured.
- Term of the loan: 5 years; Interest rate: 80% of the Prime Rate; Application fee 1% of the loan, due at closing.
- Applications are due three weeks prior to the meeting of the Economic Development Committee. The Economic Development Committee meets on the 2nd Monday of the month.
For an application packet, please contact the Department of Planning, Conservation, and Development at 860-638-4840. See the JOBS Loan Program Guidelines (PDF) for additional information.