Umbrella 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 City of Hartford.

WHERE: Applicants located in Hartford are eligible to apply.

ELIGIBLE ACTIVITIES: 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 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 $150,000.

MINIMUM INTEREST RATE: 6 percent fixed rate.

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:

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 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.