$2 million program will be allocated to minority-owned and women-owned small businesses

HEDCO, Inc. has partnered with Governor Lamont, State of Connecticut, the CT Department of Economic & Community Development (DECD) and the CT Minority Business Initiative to provide financial relief to minority-owned and women-owned small businesses negatively impacted by the coronavirus pandemic.

Under the COVID-19 Business Response Program, a qualifying small business with 20 or fewer employees may apply for a zero-interest Line of Credit for up to $20,000.

This $2 million program will be allocated to minority-owned and women-owned small businesses. The program will be administered and underwritten by HEDCO, Inc.


To be considered for this program, your small business must:

  • Be a for-profit business with no more than 20 full-time and/or part-time employees

  • Be a minority-owned and/or woman-owned small business (minimum 51% of minority/woman ownership required)

  • Be in good standing with the Department of Revenue Services (DRS)

  • Have been conducting business for a minimum of six-months

Terms & Conditions

  • Line of Credit up to $20,000

  • 0% interest rate

  • One-year Line of Credit, payable in full 12 months from the date of closing

  • Working capital Line of Credit

  • No application fee

  • Closing fee of $250.00, which can be included in the cash flow projections

  • The debt is eligible to be forgiven if the company can demonstrate that the funds were used to cover the first 3 months of expenditures due to COVID-19.  In order to receive forgiveness, the business must show documentation of expenditures in accordance with your cash flow projections

Application and Approval Process

  • Download and complete the 1-Page Application

  • Download and complete the Cash Flow Statement 

  • Provide a Profit and Loss Statement as of December 31, 2019

  • Provide a Year-to-date (YTD) Profit and Loss Statement as of March 31, 2020

  • Provide Evidence of DRS Clearance (Department of Revenue Services)

  • Provide Evidence of 3-month cash flow needs

  • Submit all documentation to underwriting via email correspondence to


All due diligence will be completed by HEDCO.

If your loan application is approved, HEDCO will:

  • Issue a Commitment Letter outlining terms and conditions

  • Prepare closing documents for Client’s signature

  • Issue a check with the funds

Contact Information and Additional Support

Any of the following organizations are available to answer your questions and/or assist with the completion of your application:

Entrepreneurial Center and Women’s Business Center, University of Hartford

Contact: Milena Erwin, WBC Program Manager



Southeastern Connecticut Enterprise Region (SeCTer)

Contact: Annie Chambers



Spanish American Merchant Association (SAMA)

Contact: Rosa Jacinto



Women’s Business Development Council

Contact: Kenyétta Banks



CT Small Business Development Center (SBDC)

Contacts: Joseph Williams, Griselda Champagne, Christine Sullivan

To request support, click on the “Sign Up for Advising” button here

NOTE: Reference “Minority/Woman Owned HEDCO Line of Credit”

For additional information or questions about the program, contact HEDCO at COVID-19@hedcoinc.com or (860) 527-1301 x18.

Thanks to Melinda Wilson, Assistant Director of Economic Development, SE CT Enterprise Region

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