Connecticut Governor Rell Announces Loan Guarantees for Fuel Oil Dealers

August 12, 2008 -- Connecticut Governor M. Jodi Rell today announced that the state is extending lines of credit to the hundreds of Connecticut fuel oil dealers facing soaring business costs this winter because of record fuel oil prices.

“The ripple of effect of high fuel prices is having a tremendous impact on everyone,” Governor Rell said. “It is likely that half of the 549 fuel oil dealers in Connecticut will need some assistance to buy their home heating oil from wholesalers. Most of these dealers are small companies with less than five trucks.”

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Governor Rell said dealers can extend their lines of credit through a program administered through the Connecticut Development Authority. The CDA will provide loan guarantees to fuel oil dealers through its Small Business Loan Guarantee Program (URBANK). The program offers dealers quick access to funds and allows their banks to enroll loans automatically in the URBANK program.

“We want to ensure that dealers can provide uninterrupted, reliable service to the thousands of Connecticut households,” Governor Rell said. “With heating oil expected in the $5-a-gallon range, this is just one of many steps we are taking to ease the economic burden that is bearing down on Connecticut families and businesses this winter.”

For more information on the loan guarantee program contact the CDA at 860-258-7825 or visit www.ctcda.com

Source: Connecticut Governor