HEDCO LOAN PROGRAMS 

For Connecticut Businesses and Non-Profit Organizations

Capital Region Revolving Loan Fund (CRRLF)

Program funded by private investors

 

The CRRLF is intended to provide access to capital for micro enterprises and small businesses located in various towns of Connecticut.

  • Type of Loan: Term and Line of Credit

  • Amount: Up to $200,000

  • Interest Rate: Fixed up to 7%

  • Loan Maturity: Up to 5 years

 

Pre-Requirements to obtain a loan through this program:

 

  1. The business is officially registered as such and operates legally.

  2. The business is physically located and operates in CT.

  3. The business owner has invested their own time or money into the business.

  4. Must be a For-Profit type of business.

  5. Principals with 50% or more ownership must not be more than 60 days delinquent on child support.

 

Central Connecticut Revolving Loan Fund (CCRLF)

Program funded by private investors

 

The CCRLF was established to encourage and stimulate small and mid-sized industries and businesses in their creation and growth. This program will serve businesses in the Central CT Region which includes tows of Berlin, Bristol, Burlington, New Britain, Plainville, Plymouth and Southington.

 

  • Type of Loan: Term and Line of Credit

  • Amount: Up to $150,000

  • Interest Rate: Fixed up to 7%

  • Loan Maturity: Up to 5 years

 

Pre-Requirements to obtain a loan through this program:

 

  1. The business is officially registered as such and operates legally.

  2. The business is physically located and operates in CT.

  3. The business owner has invested their own time or money into the business.

  4. Must be a For-Profit type of business.

  5. Principals with 50% or more ownership must not be more than 60 days delinquent on child support.

 

Merchant Revolving Loan Fund (MRLF)

Program funded by the City of Hartford

 

The MRLF assists start-up and small business with emphasis on some parts of the City of Hartford, specially dedicated to Parkville, Frog Hallow, Upper Albany Avenue and Farmington Avenue. 

 

  • Type of Loan: Term

  • Amount: Up to $50,000

  • Interest Rate: Fixed 6%

  • Loan Maturity: Up to 5 years

 

Pre-Requirements to obtain a loan through this program:

 

  1. The business is officially registered as such and operates legally.

  2. The business is physically located and operates in CT.

  3. The business owner has invested their own time or money into the business.

  4. Must be a For-Profit type of business.

  5. Principals with 50% or more ownership must not be more than 60 days delinquent on child support.

  6. The business cannot get funds from any other financial lender.

 

Minority Business Enterprise Assistance Program (MBEAP)

Program funded by the Department of Economic and Community Development (DECD)

 

The MBEAP is designed to create minority-owned and/or women-owned Construction Firms to enable them to participate in publically funded projects at the highest levels on an equal plane with non-minority CM/GM firms.

 

  • Type of Loan: Term or Line of Credit

  • Amount: From $1,000 to $100,000

  • Interest Rate: Fixed 6%

  • Loan Maturity: Up to 5 years

 

Pre-Requirements to obtain a loan through this program:

 

  1. Client must meet with BRC Representative (860) 527-1100 and pass an analysis phase.

  2. The business is officially registered as such and operates legally.

  3. The business is physically located and operates in CT.

  4. The business owner has invested their own time or money into the business.

  5. Must be a For-Profit type of business.

  6. Principals with 50% or more ownership must not be more than 60 days delinquent on child support.

 

 

Minority Business Revolving Loan Fund (MBRLF)

Program funded by the Department of Economic and Community Development (DECD)

 

Statewide funding. The MBRLF provides opportunities for minority-owned and/or women-owned entrepreneurs/business owners around the state of Connecticut to gain access to capital in order to start or grow their business.

 

  • Type of Loan: Term and Line of Credit

  • Amount: From: $10,000 to $100,000

  • Interest Rate: Fixed 4%

  • Loan Maturity: Up to 10 years

 

Pre-Requirements to obtain a loan through this program:

 

  1. The business has been in operation for at least one year and/or is officially registered for at least a year.

  2. The business is physically located and operates in CT.

  3. Must be a For-Profit type of business.

  4. Principal(s) and Business must be current with both, State and Federal Taxes.

  5. Principals with 50% or more ownership must not be more than 60 days delinquent on child support.

 

Neighborhood Economic Development Fund (NEDF)

Program funded by the City of Hartford and Private Entities

 

The NEDF assists start-up and small business with emphasis on some towns of Connecticut such as but not limited to Hartford, New Haven, Meriden, New Britain and Willimantic.

 

  • Type of Loan: Term and Line of Credit

  • Amount: Up to $50,000

  • Interest Rate: Fixed 6%

  • Loan Maturity: Up to 5 years

Pre-Requirements to obtain a loan through this program:

 

  1. The business is officially registered as such and operates legally.

  2. The business is physically located and operates in CT.

  3. The business owner has invested their own time or money into the business.

  4. Must be a For-Profit type of business.

  5. Principals with 50% or more ownership must not be more than 60 days delinquent on child support.

  6. The business cannot get funds from any other financial lender.

 

Non-Profit Revolving Loan Fund (NPRLF)

Program funded by the Hartford Foundation for Public Giving

Provides short-term working capital to certified 501(c)(3) organizations that are in good standing and located in cities and towns served by the Foundation in the Greater Hartford region.

 

  • Type of Loan: Term and Line of Credit

  • Amount: Up to $75,000

  • Interest Rate: Fixed 4%

  • Loan Maturity: One year with option to renew two additional years

 

Pre-Requirements to obtain a loan through this program:

 

  1. The business is officially registered as such and operates legally.

  2. The business is physically located and operates in CT.

  3. The business must be a 501(c)(3) certified organization in good standing.

  4. The business must be current with both, State and Federal tax returns.

  5. The business must have an operating budget of no more than $8,000,000.

  6.  The business must have been in operation for at least three (3) years and have demonstrated track record of providing beneficial service to the community.

  7. Business must be located in any of the following towns: Andover, Avon, Bloomfield, Bolton, Canton, East Granby, East Hartford, East Windsor, Ellington, Enfield, Farmington, Glastonbury, Granby, Hartford, Hebron, Manchester, Malborough, Newington, Rocky Hill, Simsbury, Sommers, South Windsor, Suffield, Tolland, Vernon, West Hartford, Wethersfield, Windsor and Windsor Locks.

  8. Applicant must generally be ineligible for obtaining credit at a reasonable rate in the amount required.

 

North Hartford Revolving Loan Fund (NHRLF)

Program funded by the Department of Economic and Community Development (DECD)

 

The NHRLF is intended to provide access to capital for micro enterprises and small businesses located in the Neighborhoods North of Farmington Avenue to Windsor, East of the Connecticut River, West to Prospect Avenue.

 

  • Type of Loan: Term and Line of Credit

  • Amount: Up to $50,000

  • Interest Rate: Fixed 6%

  • Loan Maturity: Up to 5 years

 

Pre-Requirements to obtain a loan through this program:

 

  1. The business is officially registered as such and operates legally.

  2. The business is physically located and operates in CT.

  3. The business owner has invested their own time or money into the business.

  4. Must be a For-Profit type of business.

  5. Principals with 50% or more ownership must not be more than 60 days delinquent on child support.

 

SBA Microlending Program

Program funded by the Small Business Administration. State Wide Funding

 

The SBA Microloan Program assists women, low income, veteran, minority entrepreneurs and other small businesses in need of financing and/or technical assistance.

 

  • Type of Loan: Term

  • Amount: Up to $50,000

  • Interest Rate: Fixed - starts at 4%

  • Loan Maturity: Up to 6 years

 

Pre-Requirements to obtain a loan through this program:

 

  1. The business is officially registered as such and operates legally.

  2. The business is physically located and operates in CT.

  3. The business owner has invested their own time or money into the business.

  4. The business cannot get funds from any other financial lender.

  5. Must be a For-Profit type of business.

  6. Principals with 50% or more ownership must not be more than 60 days

  7. delinquent on child support.

 

Small Minority Business Financial Assistance Program (SMBFAP)

Program funded by the Department of Economic and Community Development (DECD)

 

The SMBFAP provides opportunities for minority-owned and/or women-owned entrepreneurs/business owners around the state of Connecticut to gain access to capital in order to start or grow their business. State wide funding.

 

  • Type of Loan: Term and Line of Credit

  • Amount: Up to $150,000

  • Interest Rate: Fixed 3%

  • Loan Maturity: Up to 10 years

 

Pre-Requirements to obtain a loan through this program:

 

  1. The business is officially registered as such and operates legally.

  2. The business is physically located and operates in CT.

  3. The business owner has invested their own time or money into the business.

  4. Must be a For-Profit type of business.

  5. Principals with 50% or more ownership must not be more than 60 days delinquent on child support.