OFFICE OF ECONOMIC DEVELOPMENT & GREATER NEW HAVEN COMMUNITY LOAN FUND INTRODUCE NEW SMALL & MINORITY CONTRACTOR PROGRAM

(11/7/2011) Program designed to improve competiveness of small businesses on city-sponsored construction projects.

Mayor John DeStefano was joined by Kelly Murphy, AICP, Economic Development Administrator, and Carla Weil, Executive Director of the Greater New Haven Community Loan Fund, to launch a new loan program that will better enable small and minority owned contracting companies to compete for city-sponsored construction projects. The Small Contractor Loan program will provide the necessary short term financing to cover operating expenses and working capital. Many small contractors need this “bridge” financing from the time of project award until the time of the first payment for work completed. During this critical early portion of the project, small contractors must purchase supplies, pay their workers and perform on the job site. Cash flow is a major concern, which will now be addressed through the program.

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