HEDCO, INC., together with the Spanish American Merchants Association (SAMA) offers several loan programs that are designed to generate economic growth and stability in cities and towns around the State of Connecticut. All HEDCO / SAMA revolving loan programs are designed to ensure small business owners have access to capital to encourage growth and stimulate small and mid-size industries and businesses resulting in the creation and retention of jobs.

SAMA staff will be available to assist you with the loan application process.

Minority Business Revolving Loan Fund (MBRLF)

The MBRLF Program is a Strategic Partnership of 3 Community Organizations:

  • SAMA
  • BBA

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:

  • The business has been in operation for at least one year and/or is officially registered for at least a year.
  • The business is physically located and operates in CT.
  • Must be a For-Profit type of business.
  • Principal(s) and Business must be current with both, State and Federal Taxes.
  • Principals with 50% or more ownership must not be more than 60 days delinquent on child support.

Neighborhood Economic Development Revolving Loan Fund

  • Available in Hartford, New Haven, Meriden and New Britain.
  • Maximum Loans allowed under this program are:
    1. Hartford $75,000.00
    2. Meriden and New Britain $30,000.00
    3. New Haven $50,000.00
  • Interest Rate: 6.0%
  • Term: 3 to 10 Years

Merchants Revolving Loan Fund

  • Available in Hartford.
  • This is an alternative financing to help businesses who have problems obtaining traditional credit. Merchants can only apply for this program if they have been turned-down for financing by their financial institution and must present a loan rejection letter.
  • Maximum loan amount: $50,000.00
  • Interest Rate: 6.0%

SBA Microloans:

  • Available: Statewide
  • Type of Loan: Term and Line of Credit
  • Amount: From: $1,000 to $50,000
  • Interest Rate: Fixed 6%
  • Loan Maturity: Up to 6 years

Eligible Uses for all SAMA Loan Funds

  • Acquisition and/or renovation of commercial or industrial real estate in which the applicant occupies more that 51% of the available space for the operation of the business.
  • Purchase of machinery and equipment.
  • Short term loans to assist with the acquisition of inventory and the overall enhancement of working capital.
  • Purchase of existing business.
  • Finance the start-up of a new business once viable business plan is developed and approved.

Application and Approval Process Application Form

The process consists in several steps designed to obtain the necessary information to review the project. Outlined below are the major steps:

  • Completed Application (In person or online)
  • Pre-qualifying Interview
  • Start up businesses are required to present a Business Plan with at least two years of sales and expense projections and a balance sheet. SAMA staff can
  • assist with the preparation and development of Business Plan and Projections)
  • Existing businesses are required to presented the business financial statements that include Profit and Loss and Balance Sheet
  • Personal Financial Statement of Principals
  • Income Tax Return (2 years, Business and Personal)
  • Insurance Certificate (Business and Term life equal to loan amount)
  • Resume of Principals
  • Copy of a multi -year lease for their business location; no less than loan term
  • Tax Affidavit – verification of property tax payment status
  • Credit Report – $50.00 money order payable to HEDCO to request the credit report for each applicant

Prospective borrowers should return completed application with required documentation to the Loan Officer/Small Business Specialist at 95 Park Street, 3rd Fl, Hartford or 258 Grand Avenue, New Haven.

Where to Apply:
95 Park Street, Hartford, CT 06106
258 Grand Avenue 2nd Fl, New Haven, CT 06513

Contact Person:
Rosa Jacinto
Loan Officer/Small Business Specialist
(860) 724-4910