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Chelsea Groton Bank Introduces Small Business Relief Loan

Chelsea Groton Bank is proud to introduce a Small Business Relief Loan program for businesses based in Connecticut or Rhode Island, providing business owners a simple way to access up to $10,000 in funding while working to recover from challenges of the Covid-19 pandemic. At this time, $2,500,000 in funding has been allocated for this program.

The program features an abbreviated application and minimal documentation in order to get businesses with less than $2,000,000 in annual sales and up to 20 full-time employees the funding they need in a timely manner. Businesses are encouraged to check eligibility requirements before applying, and if they meet the requirements, to apply as soon as possible in order to be considered.

“Despite governmental efforts rolled out early in the pandemic, many of our local small businesses are still facing daunting challenges to survive and thrive in the current restricted economic environment.  At Chelsea Groton, we have always embraced the notion of assisting our customers and community in good times and not so good times,” shared Tony Joyce, EVP, Chief Operating Officer at Chelsea Groton Bank. “In keeping with that philosophy, our team created the Small Business Relief Loan program to help our community’s struggling small businesses. We hope it provides business owners with access to the funding they desperately need in order to remain operational.”

Michael Rauh, President and CEO of Chelsea Groton Bank, added, “The Bank’s mission, which is ‘We help our customers and communities achieve their specific goals by taking them on as if they were our own’ has been a guiding light throughout the pandemic. Our team is committed to rolling up our sleeves and working literally around the clock in order to help people, including our business community, in any way we can. The creation of this loan program is one example of that commitment in action.”

For full eligibility requirements, please visit When ready to apply, call 860-448-4195 to get started.