Areas Served: Hartford County
Description: These revolving loan funds are designated to encourage growth and stimulate Connecticut small and mid-sized industries and businesses resulting in the creation and retention of jobs in the region.
Eligible Activities: The funds will entertain request 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.
Our Nuisance Abatement pool will cover acquisition and/or renovation of commercial property which the applicant occupies a significant portion for the business and the property has been determined to a nuisance and under the control of the City of Hartford and the State of Connecticut.
2. Purchase of machinery and equipment.
3. Purchase of inventory, financing of receivable and the overall enhancement of working capital.
Types of Loans: Direct loans, Participation loans and Loan Guarantees.
Minimum Interest Rate: 6.5% – 8% The Loan Approval Process: The 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 including required documentation.
2. Pre-qualifying interview.
3. Appraisal and environmental survey on property to be acquired or used for collateral.
4. Prospective borrowers should return completed application and additional information to The Hartford Economic Development Corporation, 15 Lewis St., Suite 204, Hartford, CT 06103. 5. Loan requests are presented, discussed and approved by a Loan Committee.
The Committee may vary terms when exceptional circumstances dictate.
6. In some instances, approval by a Board of Directors is required.
– Merchants Revolving loan Fund (download application) – Loan amount: up to $50,000 – Term: Typically five years – Covered towns: Hartford.
– Others: Business located in the Frog Hollow and Parkville area must be/become members of the Spanish American
Merchants Association (www.
samact.
org).
– Loan amount: up to $50,000 – Term: Typically five years – Covered towns: Hartford.
– Others: Business located in the Frog Hollow and Parkville area must be/become members of the Spanish American Merchants Association (www.
samact.
org).
Neighborhood Economic Development Fund (download application) – Loan amount: loans vary up to $250,000 – Term: Typically 3-10 years – Covered towns: Hartford, New Britain, New Haven, West Haven and Meriden.
– Others: Businesses located in New Britain, New Haven, West Haven , Meriden and Hartford’s Frog Hollow and Parkville areas must be/become members of the Spanish American Merchants Association (www.
samact.
org).
Umbrella Revolving Loan Fund (download application) – Loan amount: loans vary up to $150,000 – Term: Typically 3-10 years – Covered towns: Hartford
Nuisance Abatement Loan fund (download application) – Loan amount: Loans vary up to $100,000 for manufacturing and $25,000 for retail.
– Term: Typically 3-10 years – Covered towns: Hartford
New London Revolving Loan Fund (download application) – Loan amount: up to $30,000 – Term: Typically 5 years – Covered towns: New London, Norwich and Groton
Contact InformationHartford Economic Development Corporation
Address: 15 Lewis St, Suite 204
City: Hartford
State: Connecticut
Website:
http://www.hedco-ghbdc.com/hedco-ghbdc/UserSection/LoanProduct.aspx
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