Gov: Money is There for CT Biz

Connecticut's community and regional banks have pledged to make $100 million available to businesses and manufacturers, Gov. M. Jodi Rell said.

The lending pool is part of a plan to help maintain a free flow of credit in Connecticut as national economic problems have tightened the credit market.

The $100 million will be backed by loan guarantees, cash reserves and participation loans from the quasi-public Connecticut Development Authority, Rell said.

The lending pool is intended to help small businesses, particularly those in key economic sectors such as aerospace, medical devices and alternative energy.

Bank executives who pledged earlier this month to participate say they liked the idea because the lending pool spreads the risk among the banks.

Copyright AP - Associated Press
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