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 Nuisance Abatement Loan Fund
Download Application
Terms and Conditions
WHAT: A revolving loan fund designed to encourage socially acceptable business
practices in Hartford.
WHERE: Applicants located in Hartford are
eligible to apply.
ELIGIBLE ACTIVITIES: The
Fund will entertain requests for the following:
- Acquisition and/or renovation of commercial, retail or
industrial real estate in which the applicant occupies a significant portion of the
available space for the operation of the business and the business has been determined to
a nuisance and under the control of the City of Hartford and the State of Connecticut.
- 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 $100,000 for manufacturing and $25,000 for
retail.
MINIMUM INTEREST RATE: 0 - 3 percent.
TERM: Typically 3 - 10 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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