 Merchants 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 the following areas are eligible:
Upper Albany Merchants Association (UAMA) Loan
Pool Applicants located within one block of Albany Avenue in the area from
Main and Albany to Albany, Homestead and Westborne Parkway.
Hartford Enterprise Zone Business Association (HEZBA) Loan Pool
Applicants located in the City of Hartford’s Enterprise Zone as designated by the
State of Connecticut. Includes all of Windsor Street and Main Street North to Fishfry
Street.
Franklin Avenue Merchants Association (FAMA) Loan Pool
Applicants located within one block of Franklin Avenue from the Triangle of South Green to
the Wethersfield Town Line.
Spanish American Merchants Associates (SAMA) Loan Pool
Applicants located within one block of Park Street from Main and Park St. to the West
Hartford Town Line. get application form
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.
LOAN AMOUNT: Loans up to $30,000.
MINIMUM INTEREST RATE: 8 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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