Today, Congressman Jim Himes (CT-04) announced that the Community Investment Corporation received a $3,465,000 CARES Act grant from the Economic Development Administration, which will utilize a variety of loan options to meet the needs of businesses affected by COVID-19, especially underserved markets. The CARES Act Recovery Assistance will lend to borrowers in Fairfield, New Haven, Litchfield, and Hartford counties.
“Providing small businesses with much needed capital during COVID-19 is crucial to keep our economy afloat,” said Congressman Himes. “The small businesses throughout the seventeen towns in our district are essential centers of life and employment. Supporting them, and the families and communities they serve, is a top priority. I look forward to working with the Community Investment Corporation as they continue to help Southwest Connecticut small businesses in the future.”
“The new EDA funding provides CIC with a $3Million capital base to help address the negative impact Covid-19 has on the small business community,” Said Mark Cousineau, President of the Community Investment Corporation. “We are developing a lending program with the flexibility to address a variety of borrowing needs. We will pair that with free business counseling services to help business owners pivot to survive and eventually thrive.”
According to the Economic Development Administration, this investment capitalizes a $3,150,000 Revolving Loan Fund (RLF) to lend to borrowers and provides $315,000 to defray the cost of administering the RLF. The Economic Development Administration investment will alleviate sudden and severe economic dislocation caused by the coronavirus (COVID-19) pandemic, provide permanent resources to support economic resiliency, and further the long-term economic adjustment objectives of the region served by this EDA investment.
Congressman Himes co-sponsored and voted for the CARES Act, which was signed into law on March 27, 2020. This wide-ranging economic rescue package provided rapid and meaningful relief for individuals and businesses through a series of programs, including the CARES Act Recovery Assistance.