Meriden announces small business loan program

Meriden announces small business loan program


MERIDEN — The city announced a new program this week to offer forgivable loans up to $20,000 to businesses in the Transit-Oriented Development District for improvement projects in an effort to spur economic development.

The Meriden Match Program aims to bring businesses to the downtown by offering incentive loans. The loans will be funded through the city’s Community Development Block Grant program, of which $100,000 in funding has been approved by the U.S. Department of Housing and Urban Development. The program aims to encourage economic development and “improve quality of life in downtown Meriden, an area containing high concentrations of low and moderate-income residents and aged properties,” the application states.

“Property owners and business owners can use the funding to make physical improvements to the exterior facade of their buildings, restore the character of historic buildings, encourage private investment in storefront improvements, encourage new business activity and create a downtown inviting to continued economic development opportunities,” the application states.

Properties with commercial or mixed-use zoning will be prioritized, in addition to properties located in low or moderate-income areas as denoted by census data. Applicants with outstanding city bills or pending litigation against the city will not be eligible.

Property owners and business owners applying for the program together will be eligible for up to $20,000. Applicants must be able to provide matching funds in order to qualify.

Those interested in applying for the loan should submit a pre-application to the city by 4 p.m. Friday Dec. 1.

Those with questions on the program should contact the city’s Economic Development Department at 203-630-4105.
Twitter: @LeighTaussRJ

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