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​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
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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
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• 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
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• 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.   
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If your loan application is approved, HEDCO will:
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• Issue a Commitment Letter outlining terms and conditions
  
• Prepare closing documents for Client’s signature
  
• Issue a check with the funds
  

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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” 
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For additional information or questions about the program, contact HEDCO at COVID-19@hedcoinc.com or (860) 527-1301 x18.