|
|
 |
|
|
|
|
|
|
|
HEDCo/GHBDC, provides small business clientele with access
to capital needs that would be otherwise un-met or under-served. We also provide
hope and opportunity for people to realize their dream businesses, create financial
freedom and contribute to their communities through job creations and needed services.
HEDCo/GHBDC is not just a lending Institution, we care about you, your dream and
your business. Problem solving information and technical support is available through
our Business Resource Center (BRC). We are committed to helping you and your business
become successful.
|
|
The following are some of the loan products we have available at HEDCo. Please look
to see which ones are suited to you.
|
|
HEDCo: |
|
|
|
Description:
|
These revolving loan funds are designated to encourage growth and stimulate small
and mid-sized industries and businesses resulting in the creation and retention
of jobs in the region.
|
|
Eligible Activities:
|
The funds will entertain request for the following:
|
|
1. |
Acquisition and/or renovation of commercial or industrial real estate in which the
applicant occupies a significant portion of the available space for the operation
of the business. Our Nuisance Abatement pool will cover acquisition and/or renovation
of commercial property which the applicant occupies a significant portion for the
business and the property has been determined to a nuisance and under the control
of the City of Hartford and the State of Connecticut.
|
|
2. |
Purchase of machinery and equipment.
|
|
3. |
Purchase of inventory, financing of receivable and the overall enhancement of working
capital.
|
|
Types of Loans:
|
Direct loans, Participation loans and Loan Guarantees.
|
|
Minimum Interest Rate:
|
6.5% - 8% |
|
The Loan Approval Process: |
The approval process consists of several steps designed to obtain necessary information
for the diligent review of the project under consideration. Outlined below are the
major steps of the process:
|
|
1. |
Completed application including required documentation.
|
|
2. |
Pre-qualifying interview.
|
|
3. |
Appraisal and environmental survey on property to be acquired or used for collateral.
|
|
4. |
Prospective borrowers should return completed application and additional information
to The Hartford Economic Development Corporation, 15 Lewis St., Suite 204, Hartford,
CT 06103.
|
|
5. |
Loan requests are presented, discussed and approved by a Loan Committee. The Committee
may vary terms when exceptional circumstances dictate.
|
|
6. |
In some instances, approval by a Board of Directors is required.
|
|
|
 |
Merchants Revolving loan Fund (download application) |
|
|
Loan amount: up to $50,000
|
|
|
Term: Typically five years |
|
|
Covered towns: Hartford. |
|
|
Others: Business located in the Frog Hollow and Parkville area
must be/become members of the Spanish American Merchants Association (www.samact.org). |
|
|
|
|
Neighborhood Economic Development Fund
(download application) |
|
|
Loan amount: loans vary up to $250,000
|
|
|
Term: Typically 3-10 years |
|
|
Covered towns: Hartford, New Britain, New Haven, West Haven and
Meriden. |
|
|
Others: Businesses located in New Britain, New Haven, West Haven
, Meriden and Hartford’s Frog Hollow and Parkville areas must be/become members
of the Spanish American Merchants Association
(www.samact.org). |
|
|
|
|
Umbrella Revolving Loan Fund (download application) |
|
|
Loan amount: loans vary up to $150,000
|
|
|
Term: Typically 3-10 years |
|
|
Covered towns: Hartford |
|
|
|
|
Nuisance Abatement Loan fund (download application) |
|
|
Loan amount: Loans vary up to $100,000 for manufacturing and $25,000
for retail.
|
|
|
Term: Typically 3-10 years |
|
|
Covered towns: Hartford |
|
|
|
|
New London Revolving Loan Fund (download application) |
|
|
Loan amount: up to $30,000
|
|
|
Term: Typically 5 years |
|
|
Covered towns: New London, Norwich and Groton |
|
|
|
|
Business Consortium Fund (download application) |
|
|
Loan amount:
|
|
|
Term: up to 4 years |
|
|
Covered towns:
|
|
|
Other: Business must be a certified ethnic minority vendors of
the National Minority Supplier development Council Inc’s (NMSDC). While it is desirable
that Borrower have a contract or purchase order with a corporate Member of the NMSDC
or affiliated RMSDC/RMPC, it is required at a minimum that borrower have a relationship
with such corporate member. |
|
|
|
|
Business Resource Center Contractors
(download application) |
|
|
Loan amount: Up to $150,000
|
|
|
Term: 3 -5 years |
|
|
Covered towns: Greater Hartford area
|
|
|
Other: Must be associated with the Business Resource Center (www.brcct.com). |
|
|
|
|
|
|
The following are some of the loan products we have available at GHBDC. Please
look to see which ones are suited to you.
|
|
GHBDC: |
|
|
|
Description:
|
These revolving loan funds are designated to encourage growth and stimulate small
and mid-sized industries and businesses resulting in the creation and retention
of jobs in the region. These revolving loan funds are designated to encourage growth
and stimulate small and mid-sized industries and businesses resulting in the creation
and retention of jobs in the region. Our Non-Profit revolving loan fund is designed
to assist 501(c)(3) Non Profits businesses.
|
|
Eligible Activities:
|
The funds will entertain request for the following: |
|
1. |
Acquisition and/or renovation of commercial or industrial real estate in which the
applicant occupies a significant portion of the available space for the operation
of the business. |
|
2. |
Purchase of machinery and equipment.
|
|
3. |
Purchase of inventory, financing of receivable and the overall enhancement of working
capital.
|
|
Types of Loans:
|
Direct loans, Participation loans and Loan Guarantees. |
|
Minimum Interest Rate:
|
Profit business: 6.5% - 8% Non-profits: 4%
|
|
The Loan Approval Process:
|
The approval process consists of several steps designed to obtain necessary information
for the diligent review of the project under consideration. Outlined below are the
major steps of the process: |
|
1. |
Completed application including required documentation.
|
|
2. |
Pre-qualifying interview.
|
|
3. |
Appraisal and environmental survey on property to be acquired or used for collateral.
|
|
4. |
Prospective borrowers should return completed application and additional information
to The Hartford Economic Development Corporation, Inc, 15 Lewis St., Suite 204,
Hartford, CT 06103.
|
|
5. |
Loan requests are presented, discussed and approved by a Loan Committee. The Committee
may vary terms when exceptional circumstances dictate.
|
|
6. |
In some instances, approval by a Board of Directors is required.
|
|
|
|
|
Metro Hartford Revolving Loan Fund/Capital Region Revolving
(download application) |
|
|
Loan amount: Up to $150,000 |
|
|
Term: Typically 3 – 10 years |
|
|
Covered towns: 29 Capital Region Towns |
|
|
|
|
Non Profit Revolving Loan fund (download application) |
|
|
Loan amount: up to $75,000
|
|
|
Term: Typically 1 – 4 years |
|
|
Covered towns: applicants located in the 29 Capital region towns.
|
|
|
Guidelines: |
|
|
1. The applicant must be a 501(c)(3) organization in good standing with the
Internal Revenue Service and the State of Connecticut and normally
must have an operating budget of under $8,000,000.
|
|
|
2. The applicant must have a demonstrated track record of providing beneficial
service to the community, with such benefit being maintained or
enhanced by the loan being requested.
|
|
|
3. Loans will only be made to cover short-term cash flow, working capital,
leasehold improvement and/or machinery and equipment financing
needs of the applicants.
|
|
|
Loans will not be made to fund deficits or operating losses
of the applicant.
|
|
|
|
|
The Central Connecticut Revolving Loan Fund (download application) |
|
|
Loan amount: Loans vary up to $100,000 for manufacturing and $25,000
for retail |
|
|
Term: Typically 3 – 10 years |
|
|
Covered towns: Berlin, Bristol, Burlington, New Britain, Plainville,
Plymouth and Southingon. |
|
|
|
|
Hartford Foundation for Public Giving contractors Fund
(download application) |
|
|
|
|
|
|
|
|
|