HEDCO is pleased to have received support for its Business Resource Center and Surety Bonding Program from the Travelers Company during April. This support fills a critical spot as the Bond program Guaranty Program administrated by HEDCO for the State of Connecticut has been expanded to New Haven, Bridgeport, and New London. The State of Connecticut has increased their Bond Guaranty pool to 3 million Dollars. “This is an excellent example of a Public/Private Partnership creating economic opportunities in the construction industry for all and create jobs as well,” according to Sam Hamilton, Executive Director, . “HEDCO is pleased to have the opportunity to assist in the implementation on such effort” added Hamilton.
HEDCO is a 501 (c) (3) Community Development Financial Institution doing business in Hartford since 1975. The agency is a certified Small Business Administrator (SBA) Micro Enterprise Lender and a Lending Partners for the State of Connecticut Department of Economic and Community, (DECD) and administrator the City of Hartford Merchants Small Business Revolving Loan Funds. For Further information phone contact is available at 860-527-1301 or email email@example.com.
HEDCO and its Business Resource Center begin series of Community Connections and Listening gatherings
HEDCO and its Business Resource Center will begin a series of Community gatherings to inform all who are interested, especially microenterprise and small business owners, of the resources available thru HEDCO to assist them in accessing business education, problem solving, training, loans and grants. “We believe those for whom opportunities for assistance have been formulated too often do not get a full understanding of what is available and how to access it” says Sam Hamilton Executive Director, HEDCO. “These sessions are intended to address this situation,” he added.
Specifically targeting the North Hartford Neighborhoods initially, the first gathering will be held at Uptown Vibes, 3155 Main Street, Hartford on Thursday, April 26th from 5 to 7pm. All interested persons are invited to engage in the opportunity to share information that will be of value to all. “The Business Resource Center is just that,” explains, Kim Hawkins, Director of HEDCO’s Business Resource Center. “Our facility is a one stop center for most of the critical needs of business owners or those seeking to start a business,” adds Ms. Hawkins.
HEDCO’s is a 501(c) (3), Community Development Financial Institution doing business in Hartford since 1975. The agency is a certified Small Business Administration (SBA) Microenterprise Lender and a Lending Partner for the State of Connecticut Department of Economic and Community Development, (DECD, and administers the City of Hartford Merchants Small Business Revolving Loan Fund. For Further information phone contact is available at 860-527-1301 or email firstname.lastname@example.org.
HEDCO Awarded $75,000 grant from Bank of America to tap New Low Cost
Funds for Small Business Micro- Lending
Approximately 20 local businesses expected to benefit from new access to federal funds
Hartford, CT January 25, 2011. In an effort to fmd new ways to help struggling small and start-up businesses in the region, HEDCO worked with Bank of America to tap unused federal funds. HEDCO recently received a $ 75, 000 grant from Bank of America for use as loan loss reserves required by federal microloan programs to access $500,000 in loan capital that is then used to make small-sized loans to local businesses. As many as 20 local companies are expected to receive much needed microloans from this new effort, a 33% increase in the amount of micro loans that HEDCO makes annually to local businesses. HEDCO also estimates the new federal funds will help retain or create 75 of jobs in the area, by supporting local business growth. "HEDCO is pleased to receive this support from Bank of America," according to Sam Hamilton, Executive Director and CEO of HEDCO. "It was their grant that provided the critical piece that allowed HEDCO to be certified by SBA as a Micro Lender". "Helping strengthen small businesses and new start-up companies stimulates job creation and is critical to our nation's economic recovery. That is why it is critical to pursue every resource possible that helps small businesses grow. Bank of America is empowering these entrepreneurs by directing private sector capital to unlock exponentially greater amounts of federal dollars for their businesses. Even the smallest grant enables a nonprofit lender to leverage approximately ten times that amount to lend to small businesses, which creates ripple effect impacting job growth, spending and overall economic expansion," said Kevin Cunningham, President, Bank of America - Connecticut
As the nation's largest CDFI lender with more than $1 billion invested with 120 CDFls in 37 states, Bank of America recognized the need to immediately supply grants to nonprofits lenders foe use as loan loss reserve to access U.S. small Business Administration (SBA) microloan capital before the federal funding expired at the end of the annual budget cycle. Federal small business microloan funds have gone unused in past in the past due to CDFIS not having the loan loss reserves required, approximately Ten percent of the amount borrowed depending on the program, to obtain the capital. Bank of America's loan loss reserve grants may unlock as much as $100 million in lowcost, long-term capital for small business micro loans nationwide over the next 12 months. HEDCO, Inc is a 501(c) (3) tax exempt non profit CDFI, SBA Microlender providing problem solving, technical and financial assistance to microenterprises and small businesses. The organization began operation in 1975 and continues to serve all 169 cities and towns in Connecticut.
HEDCo Receives Additional Funding