Heating oil dealers get loan guarantees

HARTFORD, CT


The state is guaranteeing loans to dealers with sales of less than $5 million a year through the Connecticut Development Authority’s Small Business Loan Guarantee Program, known by an old acronym of URBANK.

Sam Gault, president of Westport-based oil heat dealer Gault Inc., said the industry could use the help because credit lines are getting stretched under pressure from higher wholesale costs.

Gault’s company is too large to qualify for the program, but he said there are companies that definitely could use this.

Connecticut Post