Minority Business Covid Support Program
HEDCO is no longer taking applications. Thank you for your interest.
This program will be allocated to minority-owned and women-owned small businesses. The program will be administered and underwritten by HEDCO, Inc.
HEDCO, Inc. and SAMA have partnered with Governor Lamont, State of Connecticut, the CT Department of Economic & Community Development (DECD) and the CT Minority Business Initiative to provide ﬁnancial relief to minority-owned and women-owned small businesses negatively impacted by the coronavirus pandemic.
Under the COVID-19 Business Response Program, a qualifying small business with 20 or fewer employees may apply for a zero- interest Line of Credit for up to $12,500.
To be considered for this program, your small business must:
Be a for-proﬁt business with no more than 20 full-time and/or part-time employees
Be a minority-owned and/or woman-owned small business (minimum 51% of minority/woman ownership required)
Have been conducting business for a minimum of one year
Terms & Conditions
Line of Credit up to $12,500
0% interest rate
One-year Line of Credit, payable in full 12 months from the date of closing
Working capital Line of Credit
No application fee
Closing fee of $250.00, which can be included in the cash ﬂow projections
The debt is eligible to be forgiven if the company can demonstrate that the funds were used to cover expenditures due to COVID-19. In order to receive forgiveness, the business must show documentation of expenditures in accordance with your cash ﬂow projections
Application and Approval Process
Submit the following documents:
- Page Application
- Latest tax return for 1 year (business and personal) or Profit and Loss for prior year
- Year-to-date Profit and Loss Statement
- Status Letter from Department of Revenue Services
- Cash flow projections for 12 months
- Source and Use of Funds Form
- Statement about how your business was impacted by the COVID-19 pandemic.