HEDCO and the Spanish American Merchants Association are collaborating with SHEBA to provide financial relief and recovery resources to minority-owned and women-owned small businesses.
 
Under the program, a qualifying small business must have completed the SHEBA Accelerator Program and be recommended to participate in this forgivable loan program for up to $50,000.
 
This $3 million program is allocated to minority-owned and women-owned small businesses located throughout the State. The program will be administered and underwritten by HEDCO, Inc.
 
 

Eligibility:
To be considered for this program, your small business must:

  • Have completed the SHEBA Accelerator Program.
  • 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 in good standing with the Department of Revenue Services (DRS).
  • Have been conducting business for a minimum of 6 months.
Terms and Conditions:
  • Forgivable loans up to $50,000 (forgivable after 1 year if all documents support the loan has been received).
  • 0% Interest Rate
  • No application fee.
Application and Approval Process:

1. Fill out HEDCO’s Intake & Privacy Form – Intake & Privacy Form

If you’ve already filled out an Intake & Privacy form for HEDCO, retrieve your Intake ID and proceed to Step 2.

2. Complete the application – Apply Now!

3. Submit necessary documents

  • Personal & Business Tax Returns (2 years)
  • Profit & Loss Statement (prior year)
  • Profit & Loss Statement (year to date)
  • Status Letter for Department of Revenue Services (DRS) issued within 15 days of submission
  • Cash flow projections (12 months)
  • Source & Use of Funds
  • Documentation of items to be purchased using these funds. (e.g. invoices, estimates)
  • Statement about how these grant funds will be utilized to support your business.
  • Executive Summary (business over 2 years) or Business Plan (business under 2 years)
  • Checklist of all documents submitted and signed by both SHEBA and Applicant. Download the checklist here

4. If you need to upload additional documents after you’ve submitted your application, click here and make sure to have your Application ID associated with this program.

For additional information about the program and assistance with the completion of your application call us at (860) 527-1301 or email applications@hedcoinc.com