SDRC offers emergency loans to area businesses

Springfield Regional Development Corp. has announced that it has received authorization to utilize a portion of the Springfield Area Revolving Loan Fund to assist businesses that are impacted by COVID-19.

SRDC has designated $173,000 of the RLF’s lending base for use in emergency loans to businesses. These funds are intended for use as gap financing to help businesses in Southern Windsor County meet their current financing needs while other processes or programs are delayed, or after other sources of assistance are exhausted. Please note that applicants for CARES Act programs need to be aware of how this emergency loan could impact an EIDL or PPP award.

The Springfield Area Revolving Loan Fund utilizes funds from the federal Economic Development Administration. The intent of the emergency loans is to help area companies to retain jobs.

SRDC Executive Director Bob Flint says emergency loans have a broader allowance for usage of funds beyond what the RLF normally permits. “The federal Economic Development Administration has helped us to provide another resource to help businesses in the region,” Flint said, adding that funding from the RLF is available to applicants in the 10 towns in the SRDC service region. They are: Andover, Baltimore, Cavendish, Chester, Ludlow, Reading, Springfield, Weathersfield, West Windsor and Windsor.

For more information about the Springfield Area Revolving Loan Fund, or to get a loan application, please contact Paul Kowalski at SRDC, pkowalski@springfielddevelopment.org or 802-885-3061.