The Partnership Loan Program for Minority- and Women-Owned Small Businesses in the cities of New Haven, Ansonia, Bethany, Branford, Cheshire, Derby, East Haven, Guilford, Hamden, Madison, Milford, North Branford, North Haven, Orange, Oxford, Seymour, Shelton, Wallingford, West Haven, Woodbridge
HEDCO, Inc., The Community Foundation for Greater New Haven, the City of New Haven, and The Amour Propre Fund are collaborating to provide financial relief and recovery resources to minority-owned and women-owned small businesses (the “Program”).
Under the Program, a qualifying small business with 20 or fewer employees (1-20 employees) may apply for a four (4%) percent term loan for up to $25,000 (twenty-five thousand dollars).
This $1.5 million Program is allocated to minority-owned and women-owned small businesses based in one of the 20 cities listed above. The program will be administered and underwritten by HEDCO, Inc.
To be considered for this Program, your small business must:
Be a for-profit business with no more than 20 (full or part-time) employees
Be a minority-owned and/or women-owned small business (minimum 51% of minority/woman ownership required)
Be located in the city of Ansonia, Bethany, Branford, Cheshire, Derby, East Haven, Guilford, Hamden, Madison, Milford, New Haven, North Branford, North Haven, Orange, Oxford, Seymour, Shelton, Wallingford, West Haven or Woodbridge
Be in good standing with the Department of Revenue Services (DRS)
Have been conducting business for a minimum of one year
Terms & Conditions
Term Loan up to $25,000 (loans available from $10,000- $25,000)
4% interest rate
First 12 months interest only – 13 month converts into principal and interest payments
No application fee
Loans to New Haven small businesses in good standing after 12 months are eligible for forgiveness for up to 16.67% of the original loan amount.
Application and Approval Process
- Download and complete the Cash Flow Statement
Download and complete the Source of Use of Funds Form
Provide latest tax returns for 2 years
Provide a Year-to-date (YTD) Profit and Loss Statement
Provide Evidence of DRS Clearance (Department of Revenue Services)
- Submit all required documentation to HEDCO or by fax: 860-727-9224
All due diligence will be completed by HEDCO.
If your loan application is approved, HEDCO will:
- Issue a Commitment Letter outlining terms and conditions
- Prepare closing documents for loan recipient’s signature
- Issue a check for the loan amount
For additional information about the program and assistance with the completion of your application call us at (860) 527-1301 or email firstname.lastname@example.org