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The Connecticut Development Authority is expanding its URBank loan guarantee program to cover small and mid-size businesses statewide.
The program provides a first-loss guarantee of 30 percent on loans up to $500,000 for working capital, as well as lines of credit, equipment purchases and commercial real estate.
Introduced in 1993, the program had been available only to businesses in Bridgeport, Stamford, Waterbury, New Haven and Hartford.
CDA says URBank”™s most active lenders include Bridgeport-based People”™s United Financial Inc. and TD Banknorth, which has 19 branches in Fairfield County.
The agency advises business owners who are turned down for loans to suggest the program to their bankers.
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