July 5, 2022

Finance & Economy

Let's Talk About Investment

Federal COVID dollars fund low-interest loan programs in Plainfield

PLAINFIELD – Town officials this week formally rolled out two new loan programs aimed at assisting local businesses and home owners, using a relatively small portion of the town’s incoming federal COVID-19 relief funding.

The application process for the Business Revolving and the Housing Hardship loan programs opened on Monday and represent the most direct form of town-dispersed American Rescue Plan aid to residents so far.

The town is in line to receive roughly $4.5 million in federal relief monies, which the U.S Department of Treasury states can be used by municipalities to replace certain revenues lost due to the pandemic. Plainfield has so far gotten $2.2 million in such funds with a similar amount slated to be received next year.

Selectmen in August approved spending the bulk – $3.4 million – of the total funding package for a massive upgrade to the town’s wastewater treatment system. Money was also allotted to refurbish the Lions Park playscape area. The Project Pin Food Pantry and United Services, Inc. community mental health agency were also funding recipients.

Business loans

The business loan program was seeded with $250,000 in federal funds and will provide low-interest loans to Plainfield-based businesses, as well as to companies willing to relocate to town, First Selectman Kevin Cunningham said on Friday.

https://www.norwichbulletin.com/story/news/local/2021/10/08/federal-covid-19-dollars-fund-low-interest-loan-programs-plainfield-connecticut/6010188001/