Planning Conservation & Development Dept. Newsletter
Middletown Planning, Conservation & Development Newsletter- August 30, 2011
Hurricane Irene Business Assistance
The State of Connecticut, Department of Economic and Community Development has established a program to assist businesses negatively impacted by Hurricane Irene are eligible for assistance, including bridge financing and loans covering uninsured losses, through DECD. Highlights of this assistance include:
Loans of up to $200,000 to companies for storm-related damage, including property, machinery and equipment, and working capital;
Loan guarantees of up to $200,000 will be provided to banks and other lenders to spur local lending to businesses impacted by the storm;
Grants will be available to businesses for assistance in disaster recovery, such as temporary help and training; and
Technical assistance, linking businesses to a wide array of state and federal resources.
↓ Local Economy-.Unemployed jumped up to 8.9%. Hiring in July was up slightly, but not enough to offset increases in unemployment.
↔ Housing- Foreclosures have decrease again for the 4th straight month. Sales continue their weak trends, but a housing correction should be reaching an end. The real estate market likely will not see sustained gains until employment rebounds.
↑ Web Presence- Web presence for Middletown has increased for a second month. Searches reveal a hot new restaurant downtown, Mondo.