HEDCO, Inc., a Hartford-based nonprofit, announces its leadership and lending partnership in the new Connecticut Small Business Boost Fund. As a partner in the Connecticut Small Business Boost Fund, HEDCO, Inc. will provide accessible and affordable loans as well as educational services to Connecticut small businesses and nonprofits.
On July 25, 2022, Governor Ned Lamont announced the launch of the Connecticut Small Business Boost Fund, a public-private partnership that provides low-interest loans to small businesses and nonprofits in Connecticut. The program aims to help small businesses and nonprofits in low-income and historically underserved communities to access capital to grow and thrive.
The Connecticut Small Business Boost Fund has a mission that is quite near and dear to HEDCO, Inc. For 47 years, the Hartford nonprofit has helped clients and its communities improve, achieve and succeed by supporting their growth and progress. HEDCO, Inc. provides its clients, who are entrepreneurs and small business owners, with financial assistance, small business support services and education. The organization’s services allow entrepreneurs and small business owners from underrepresented communities to gain access to the resources and capital needed to start-up, grow or sustain their businesses.
“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. “This program will absolutely help us to reach a wider audience of small business owners we can support. We cannot wait to work with the Connecticut Small Business Boost Fund and our fellow partners in the program to strengthen the economy and communities in Hartford and across Connecticut with our services.”
As a partner in the Connecticut Small Business Boost Fund, HEDCO, Inc. will serve as a community lender, along with six other organizations, including Pursuit, Ascendus, NDC, Capital for Change, Southeastern Connecticut Enterprise Region and the Community Economic Development Fund. The Connecticut Small Business Boost Fund is also supported by M&T Bank, First Republic Bank, Citizens Bank and the Connecticut Department of Economic and Community Development.
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. This lending model has previously found success in programs based in California, New York, and Washington state. 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.
Although only providing lending through this program, HEDCO, Inc. continues to provide support, education and guidance services to small businesses outside of this program, as this program will utilize outside technical assistance providers. “It is vital that we assist small businesses with assistance beyond capital,” says Hawkins, “Providing educational resources allows small businesses to not only survive, but thrive. HEDCO, Inc. is proud to have a group of experienced staff members who are experts in various areas of business so our clients receive the personalized support that their business needs.”
Connecticut small business owners and nonprofit leaders can learn more about the The Connecticut Small Business Boost Fund and begin applying for a loan and services from partners like HEDCO, Inc. today at CTSmallBusinessBoostFund.org.
