HEDCO-SAMA
Minority Business Covid Support Program

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.

Eligibility

  • 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)

    • Be in good standing with the Department of Revenue Services (DRS)

    • 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:

  1. Page Application
  2. Latest tax return for 1 year (business and personal) or Profit and Loss for prior year
  3. Year-to-date Profit and Loss Statement
  4. Status Letter from Department of Revenue Services
  5. Cash flow projections for 12 months
  6. Source and Use of Funds Form
  7. Statement about how your business was impacted by the COVID-19 pandemic.

Submit all documentation to underwriting via the form below.

If your loan application is approved, HEDCO will:

  • Issue a Commitment Letter outlining terms and conditions

  • Prepare closing documents for Client’s signature

  • Issue a check with the funds

Note: All due diligence will be completed by HEDCO.

Form Downloads

Please download, complete and submit with application.

Program Application

Source & Use of Funds Form

Cash Flow Projection Sheet

Contact Information and Additional Support

For additional information or questions about the program:

Contact:

Danielle Sporbert – (860) 527-1301 x244