HEDCO, Inc. has partnered with Governor Lamont, State of Connecticut, the CT Department of Economic & Community Development (DECD) and the CT Minority Business Initiative to provide financial relief to minority-owned and women-owned small businesses negatively impacted by the coronavirus pandemic.
Under the COVID-19 Business Response Program, a qualifying small business with 20 or fewer employees may apply for a zero-interest Line of Credit for up to $20,000.
This $2 million program will be allocated to minority-owned and women-owned small businesses. The program will be administered and underwritten by HEDCO, Inc.
Eligibility
To be considered for this program, your small business must:
Terms & Conditions
Application and Approval Process
All due diligence will be completed by HEDCO.
If your loan application is approved, HEDCO will:
Contact Information and Additional Support
Any of the following organizations are available to answer your questions and/or assist with the completion of your application:
Entrepreneurial Center and Women's Business Center, University of Hartford
Contact: Milena Erwin, WBC Program Manager
860-768-5681
entrectr@hartford.edu
www.hartford.edu/ec
Southeastern Connecticut Enterprise Region (SeCTer)
Contact: Annie Chambers
860-437-4659
achambers@secter.org
Spanish American Merchant Association (SAMA)
Contact: Rosa Jacinto
860-724-4910
rosa_jacinto@samact.org
Women’s Business Development Council
Contact: Kenyétta Banks
203-751-9877
KBanks@ctwbdc.org
CT Small Business Development Center (SBDC)
Contacts: Joseph Williams, Griselda Champagne, Christine Sullivan
To request support, click on the “Sign Up for Advising” button here
NOTE: Reference “Minority/Woman Owned HEDCO Line of Credit”
For additional information or questions about the program, contact HEDCO at COVID-19@hedcoinc.com or (860) 527-1301 x18.
Under the COVID-19 Business Response Program, a qualifying small business with 20 or fewer employees may apply for a zero-interest Line of Credit for up to $20,000.
This $2 million program will be allocated to minority-owned and women-owned small businesses. The program will be administered and underwritten by HEDCO, Inc.
Eligibility
To be considered for this program, your small business must:
- Be a for-profit business with no more than 20 full-time and/or part-time employees
- Be a minority-owned and/or woman-owned small business (minimum 51% of minority/woman ownership required)
- Be in good standing with the Department of Revenue Services (DRS)
- Have been conducting business for a minimum of six-months
Terms & Conditions
- Line of Credit up to $20,000
- 0% interest rate
- One-year Line of Credit, payable in full 12 months from the date of closing
- Working capital Line of Credit
- No application fee
- Closing fee of $250.00, which can be included in the cash flow projections
- The debt is eligible to be forgiven if the company can demonstrate that the funds were used to cover the first 3 months of expenditures due to COVID-19. In order to receive forgiveness, the business must show documentation of expenditures in accordance with your cash flow projections
Application and Approval Process
- Download and complete the 1-Page Application
- Download and complete the Cash Flow Statement
- Provide a Profit and Loss Statement as of December 31, 2019
- Provide a Year-to-date (YTD) Profit and Loss Statement as of March 31, 2020
- Provide Evidence of DRS Clearance (Department of Revenue Services)
- Provide Evidence of 3-month cash flow needs
- Submit all documentation to underwriting via email correspondence to COVID-19@hedcoinc.com
All due diligence will be completed by HEDCO.
If your loan application is approved, HEDCO will:
- Issue a Commitment Letter outlining terms and conditions
- Prepare closing documents for Client’s signature
- Issue a check with the funds
Contact Information and Additional Support
Any of the following organizations are available to answer your questions and/or assist with the completion of your application:
Entrepreneurial Center and Women's Business Center, University of Hartford
Contact: Milena Erwin, WBC Program Manager
860-768-5681
entrectr@hartford.edu
www.hartford.edu/ec
Southeastern Connecticut Enterprise Region (SeCTer)
Contact: Annie Chambers
860-437-4659
achambers@secter.org
Spanish American Merchant Association (SAMA)
Contact: Rosa Jacinto
860-724-4910
rosa_jacinto@samact.org
Women’s Business Development Council
Contact: Kenyétta Banks
203-751-9877
KBanks@ctwbdc.org
CT Small Business Development Center (SBDC)
Contacts: Joseph Williams, Griselda Champagne, Christine Sullivan
To request support, click on the “Sign Up for Advising” button here
NOTE: Reference “Minority/Woman Owned HEDCO Line of Credit”
For additional information or questions about the program, contact HEDCO at COVID-19@hedcoinc.com or (860) 527-1301 x18.
