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Revolving Loan Fund
On Wednesday May 20, 2020, the CHEFA Board of Directors approved the creation of the CHEFA Revolving Loan Fund Program and the availability of $1M to provide low-cost financing to eligible CHEFA clients for working capital costs.
Financing will be available to existing CHEFA clients who have less than $25M in outstanding CHEFA issued debt and child care facility providers with outstanding loans that were financed with State Supported Child Care Revenue Bonds. The loans will feature a simplified application process with no underwriting criteria.
A Funding Cycle Notice will be sent to all eligible borrowers in the coming days.
Three-Month Fee Waiver and Delayed Billing
The CHEFA Board of Directors also approved a three-month administrative fee waiver and three-month delay of billing in order to help address some of the financial pressures faced by CHEFA clients during the COVID-19 pandemic. For most CHEFA clients, this will be a waiver of fees for the quarter ending June 30, 2020, and delayed billing of the fees for January, February and March 2020 until September 2020.
These new initiatives represent CHEFA’s consistent track record of strong client service and our ongoing commitment to investing in the critical social service infrastructure that cares for our health, educates us, and enhances the welfare and prosperity of Connecticut residents.
For more information on either of these initiatives contact Michael Morris, Managing Director at (860) 761-8424 or email@example.com.