HEDCO, Inc. celebrates National Black Business Month by promoting support of Connecticut small businesses and its partnership as a lender and mentor for the new Connecticut Small Business Boost Fund.
Running through the month of August, National Black Business Month has started just a week after HEDCO, Inc. became a lending partner in the Connecticut Small Business Boost Fund, a state-supported initiative to provide low-interest loans to small businesses and nonprofits. The Connecticut Small Business Boost Fund and HEDCO’s partnership is anticipated to be especially auspicious for small businesses and nonprofits in low-income and historically underserved communities, including the Black business owners in Connecticut.
“I would tell any prospective small business owner that making a trip to HEDCO should be your first step when getting started,” says Eugene Thomas, owner of Supreme Clientele Barbershop, a Black-owned business located in Manchester, Connecticut. “They provide a great advantage and a lot of assistance. They’re an organization that is sincerely interested in your vision and want to help you achieve it. They’ll make sure that you have things in order. It’s an easy, straight-forward process with no drama.”
Small businesses and nonprofits are invited to complete a preliminary application online at CTSmallBusinessBoostFund.org. If they qualify, they will be matched with one of the lenders, including HEDCO, Inc. Once matched, the participating lender will assist the business owner throughout the loan application process. Loans range from $5,000 to $500,000, and include a fixed, 4.5% interest rate. In order to qualify, small businesses and nonprofits must have operations in Connecticut, have 100 or fewer full-time employees and have annual revenues of less than $8 million.
“We are thrilled to be participating in the Connecticut Small Business Boost Fund program supporting our state’s many small businesses and nonprofit organizations!” says Kim Hawkins, President and CEO of HEDCO, Inc. “It is especially opportune that this program is kicking off during National Black Business Month and we are hoping that many black business owners in Connecticut will utilize this resource and apply to the Connecticut Small Business Boost Fund. We cannot wait to work with the applicants to strengthen the economy and communities in Hartford and across Connecticut through our services.”
HEDCO’s support, through both the Connecticut Small Business Boost Fund and regular client services, is especially beneficial to women and Black business owners, who historically have had limited access to the financial and educational resources necessary to maintain a thriving business. The team at HEDCO prides themselves on offering attainable support for business owners who may not otherwise be able to access such assistance, particularly during times of great need. Throughout 2021, alone, HEDCO supported 45 businesses, provided 45 loans, supported 289 existing jobs in Connecticut, and helped create 42 new jobs. Of these businesses and loans, 10 were provided to Black-owned businesses, 11 were provided to Hispanic and Latino-owned businesses and 18 were provided to women-owned businesses, demonstrating HEDCO’s determination to assist local businesses owned by underrepresented communities.
