HARTFORD, Conn — The Hartford Economic Development Corporation (HEDCo) is working with the Department of Economic and Community Development (DECD) to offer $20,000 lines of credit to minority-owned businesses.
The loan is a zero interest loan for small businesses with 20 or fewer employees. The requirements are not as restrictive as the state or federal loans that are currently available for small businesses.
“It is considered a line of credit, but it will be forgivable,” says State Senator Douglas McCrory. “Therefore, it’s pretty much a grant.”
The application process is just one page. You can use it for anything you need to pay for to keep your business running including employee salaries. However, you need to be able to show the funds were used to cover the first three months of expenditures due to COVID-19 in order for the loan to be forgivable.
To see other eligibility requirements and to fill out an application, click here.
