New forgivable revolving loan program aims to bolster Bristol businesses and attract new business to the city

Posted By: David Fortier February 2, 2024

A new loan fund that encourages businesses outside Bristol to open here and to assist existing businesses in the city is now being offered through a partnership between the city and a nonprofit financing company, according to a release from the city on Wednesday.

The Forgivable Revolving Loan Fund will offer a competitive interest rate, flexible loan terms, and a “forgiveness” component.

Regarding the forgiveness component–if a business makes monthly payments in full and on time to achieve 50 percent loan payback – and continues to conduct business in Bristol for a minimum of 10 years following the loan closing – the remaining 50 percent principal loan balance may be forgiven.

The City of Bristol is partnering with the Community Investment Corporation (CIC), a non-profit economic development financing company located in Hamden, to administer the fund.

 Funding is available as of Jan. 31. For full program specifics and or to inquire further, visit bristolallheart.com/incentives.

To learn more about Community Investment Corporation, visit their website: https://www.ciclending.com

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