The Middlesex County Revitalization Commission Revolving Loan Fund

Terms and Conditions
WHAT: A revolving loan fund designed to encourage growth and stimulate small and mid-sized industries and businesses resulting in the creation and retention of jobs in the region.

WHERE: Applicants located in Cromwell, Portland, East Hampton, Middletown, Middlefield, Durham, Higganum, Haddam, Killingworth, Chester, Deep River, Centerbury, Clinton, East Haddam, Westbrook, Essex, Old Saybrook are eligible to apply.

ELIGIBLE ACTIVITIES: With a primary focus on manufacturing and some retail, the Fund will entertain requests 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. Short term loans to assist with the acquisitions of inventory, the financing of receivables and the overall enhancement of working capital.

TYPES OF LOANS: Direct Loans, Participation Loans and Loan Guarantees.

LOAN AMOUNT: Loans up to $50,000 for manufacturing and retail.

MINIMUM INTEREST RATE: 6 percent fixed rate.

TERM: Typically 5 years

The Loan Approval Process
The Loan 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
2. Pre-qualifying Interview
3. Business Plan with completed financial data -2 yrs. Historical data, minimum 24 months/monthly cash flow projections and balance sheet.
4. Personal Financial Statements of Principal(s).get statement form
5. Tax returns for business and principal for the 2 most recent years.
6. Resume of Principals (s).
7. Appraisal and Environmental survey on property to be acquired and/or used for collateral.

Prospective borrowers should return completed application and additional information o the Greater Hartford Business Development Center, Inc., 15 Lewis Street, Suite 204, Hartford, CT 06103.
Loan requested are presented, discussed and approved on a monthly basis by a Loan Committee and ratified by the Board of Directors. The Committee may vary terms when exceptional circumstances dictate.