According to information retrieved from the HEDCO website, HEDCO and the Spanish American Merchants Association (SAMA) have partnered with the Officer of the Governor, the State of Connecticut, and the Connecticut Department of Economic and Community Development (DECD) to provide grants of up to $30,000 to small businesses throughout the State of Connecticut.
The program will not only assist with funding but it will also connect small business applicants to the organizations’ Ecosystem of Providers. Info from HEDCO’s website is provided below:
This ecosystem will include lawyers, accountants, human resources, insurance agencies, marketing firms, and other providers to supply small businesses with the resources they need to start-up, sustain, or grow their enterprises – many resources which are too expensive or unattainable otherwise.
This program is designed for businesses seeking growth and long-term success. It will require an assessment process to identify and analyze areas of need. Experienced professionals will be available to guide participants through the process. The outcome offers valuable insights into strengths, weaknesses, growth opportunities, and strategies for overcoming challenges.
This grant program requires that your small business must:
- Go through the assessment process provided by the program
- Be a for-profit business with no more than 25 full-time and/or part-time employees.
- Be a registered business operating in Connecticut.
- Be in good standing with the Department of Revenue Services (DRS)
- Be in good standing with the Department of Labor.
- Have been conducting business for a minimum of one year.
Terms and Conditions
- Grants up to $30,000 are offered subject to the following disclaimer, “The amount you have requested may not equal the amount you are approved for.”
- Zero percent interest rate
- No application fee
- Closing fee of $500.00
- Grants do not have to be paid back to HEDCO, Inc. unless funds are used to cover ineligible expenses. The business must show documentation of expenditures in accordance with your cash flow projections.
Application and Approval Process – Submit the following documents:
Application Apply Online, (before starting the application, be sure to have the relevant documents [itemized below] ready to upload).
- Latest tax return for 1 year (business and personal) or Profit and Loss for prior year
- Year-to-date Profit and Loss Statement
- Status Letter from Department of Revenue Services How to get a Status Letter
- Status Letter from Department of Labor Request Letter of Good Standing
- Cash flow projections for 12 months Download Cash Flow Projections Sheet
- Source and Use of Funds Form Download Source and Use Form
- Statement about how these grant funds will be utilized to help grow your business.
For additional information about the program and assistance with the completion of your application call HEDCO at (860) 527-1301 or email email@example.com