ACCOUNT LOGIN Open Menu More pages in this section Plus SHARE Small Business Relief Loan from Chelsea Groton Bank Designed for small businesses based in Connecticut or Rhode Island, Chelsea Groton's new Small Business Relief Loan was created to provide small business owners with a simple way to access up to $10,000 in funding in order to maintain business operations while working to recover from challenges of the Covid-19 pandemic. The program features an abbreviated application and minimal documentation in order to get businesses with less than $2M in annual sales and up to 20 full-time employees the funding they need in a timely manner. A limited number of loans are available at this time, so we encourage you to apply as soon as possible in order to be considered. Please be sure your business meets the eligibility requirements below before applying. Ready to Apply? Call 860-448-4195 Loan Details $10,000 maximum loan per business Fixed at Prime at the time of origination (currently 3.25% APR) Term: 12 months interest only, followed by 5 year principal & interest amortization Eligibility Businesses must have no more than 20 full-time employees Businesses must be able to demonstrate less than $2M in 12 months annual sales in FY 2019 Businesses must have a home office based in Connecticut or Rhode Island Business must have an established active Chelsea Groton Bank Commercial Checking Account, or open and maintain a Chelsea Groton Bank Commercial Checking Account (the opening of the account can occur during the closing of the loan) Business must have been in continuous operation since October 1, 2019. Businesses who may have temporarily shut their doors during the pandemic due to government mandates, but never completely closed, may still apply. For-profit operating companies (real estate holding companies not eligible). Sole Proprietorships are eligible. Limited to one loan per individual guarantor. All loans must be guaranteed by any individual owning 20% or more of the Borrowing entity. Minimum Credit Score of (at least one of) Business Owner(s) 680, no current defaults, no outstanding judgments reported on Credit Bureau, no tax liens. Borrower must certify need based on Covid-19 impact on the application. Funds must be used toward payroll, rent, mortgage, utilities, inventory, purchase of machinery & equipment or PPE. Required Documentation from Borrower Signed Loan Application Beneficial Ownership Form First page of 2019 Business Tax Return OR Schedule C to verify annual sales revenue Frequently Asked Questions My business received a PPP loan and/or other loans during the pandemic. Am I still eligible to apply? Yes, we recognize those were built as short-term solutions, so we encourage you to apply as long as you meet the eligibility requirements above. Do I need to share my entire tax return with you? No, you do not need to provide your entire Business Tax Return, but we will require page 1 of your 2019 Business Tax Return or Schedule C as proof of total sales. If you do not have the means to scan page 1 of your tax return or Schedule C into the portal, let us know and we can make arrangements to get it in another way. I own multiple small businesses that have been impacted by the pandemic. Can I apply for a loan for each of my businesses? At this time, we are limiting loans to one loan per guarantor. If you are a business owner with several businesses, please only apply for one loan for one of your businesses, not one loan per individual business. I run a non-profit organization. Can the organization apply for funding? This loan is for for-profit organizations only. However, our Chelsea Groton Foundation is currently accepting grant applications on a rolling basis in order to better serve organizations during the pandemic. Visit our website for more details about the Foundation and to access a grant application. Questions? Please make an appointment with your preferred local Chelsea Groton branch, or call our hotline at 860-448-4195. BACK TO TOP LOCATIONS & HOURS APPLY FOR A LOAN OPEN AN ACCOUNT RATES EVENTS & EDUCATION FIND A FINANCIAL ADVISOR Customer Care: (860) 448-4200 | Email Us | Contact | Online Banking Facebook LinkedIn Twitter Instagram Enews Sign-up ABA/Routing number: 211173357 Copyright © 2021 Chelsea Groton Bank. All rights reserved. NOTICES AND LEGAL SITE MAP PRIVACY