 Fleet CDC/SAMA Revolving Loan Fund
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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 Hartford with a primary focus on Frog Hollow
and Parkville Neighborhood, New Britain and Meriden.
ELIGIBLE ACTIVITIES: The
Fund will entertain request for the following:
- 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.
- Purchase of machinery and equipment.
- Short term loans to assist with the
acquisition 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 vary up to $72,500 for manufacturing and retail.
MINIMUM INTEREST RATE: 2 percent over Prime Rate at a 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:
- Completed Application
- Pre-qualifying Interview
- Business Plan with completed financial data -2
yrs. Historical data, minimum 24 months/monthly cash flow projections and balance sheet.
- Personal Financial Statements of Principal(s).get statement form
- Tax returns for business and principal for the
2 most recent years.
- Resume of Principals (s).
- Appraisal and Environmental survey on property
to be acquired and/or used for collateral.
Prospective borrowers should return completed
application and additional information to The Hartford Economic Development
Corporation, 15 Lewis Street, Suite 204, Hartford, CT 06103.
Loan requests are presented, discussed and approved by a Loan Committee. The Committee may
vary terms when exceptional circumstances dictate.
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