Litchfield Hills Regional Micro-Loan Program
Low Interest Financing for Eligible Businesses
The City of Torrington is pleased to announce that applications are being accepted for the Litchfield Hills Regional Micro-Loan Program. The Program provides low interest financing for income eligible small businesses in Torrington and the eleven-town Litchfield Hills Region.
The purpose of the program is to diversify the economic base, create and retain jobs (especially for low- and moderate-income persons), and encourage and leverage private investment.
The maximum loan available from this program to any eligible applicant is $25,000. The minimum loan is $1,000. Loan rates are fixed at 3 percent, and terms will vary with the loan amount and use.
For-profit entities may apply for either of two loan categories if they meet the applicable criteria.
1. Eligible applicants must be for-profit entities with five or fewer employees, at least one of which is the owner. The owner must also meet certain income eligibility requirements based on annual household income.
2. A business of any size may be also be eligible for loans under this program if they do not meet the criteria or size of ownership, but create at least one permanent full-time job, which is held by a person from a household meeting the income level by household size. Loans under this category cannot exceed $75,000 to any single business or $25,000 per job.
Eligible uses include acquisition, construction, rehabilitation, purchase/installation of machinery and equipment or working capital.
The Litchfield Hills Regional Micro-Loan Program is funded by a grant from the U.S. Department of Housing and Urban Development through the State Department of Economic and Community Development Small Cities Program.
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