There will be time for questions.
Please register to receive the Zoom/dial-in information.
Date: | Monday, April 27, 2020 | |
Time: | 02:00 PM – 03:00 PM EDT | |
Location: | Zoom Meeting | |
Fees/Admission: | FREE |
There will be time for questions.
Please register to receive the Zoom/dial-in information.
Date: | Monday, April 27, 2020 | |
Time: | 02:00 PM – 03:00 PM EDT | |
Location: | Zoom Meeting | |
Fees/Admission: | FREE |
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.
Eligibility
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
APPLICATIONS MUST BE SUBMITTED BY APRIL 30, 2020!
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
860-768-5681
Southeastern Connecticut Enterprise Region (SeCTer)
Contact: Annie Chambers
860-437-4659
Spanish American Merchant Association (SAMA)
Contact: Rosa Jacinto
860-724-4910
Women’s Business Development Council
Contact: Kenyétta Banks
203-751-9877
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.
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The State of Connecticut, DECD, CT Minority Business Initiative and HEDCO, Inc. have partnered to offer the COVID-19 Business Response Program Line of Credit. This program is offered to minority-owned or woman-owned businesses with 20 or less employees that have been negatively impacted by the COVID–19 pandemic. Lines of Credit of up to $20,000 are available.
SeCTer is proud to be a provider of technical assistance to businesses with interest in this program. Annie Chambers, Director of Loan Programs, can answer questions about the program and help businesses apply. Annie can be reached at achambers@secter.org or 860-437-4659. Feel free to contact me, as well.
Please see an information sheet and the application attached. For complete details see https://www.hedcoinc.com/state-of-ct-hedco-decd-covid-19.
Is my startup eligible for the Payroll Protection Program in the CARES Act?
We’re a pre-seed venture – do we qualify for assistance? How do the SBA’s “affiliation” rules affect my application? These are a few of the hundreds of questions pre-seed, startup and early-stage company leaders have about new federal and state programs created to assist businesses during and after the COVID-19 crisis. You can start to get some answers here.
Connecticut Small Business Development Center & CTNext present
A WEBINAR ON THE CARES ACT
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Presenting: Valeria G. Bisceglia, CT Small Business Development Center (CT/SBDC)
Tuesday, Apr 14, 2020 11:00 am
1 hour 30 minutes
Meeting number: 618 090 304
Password: 73Mf3YpkakN
Meeting Link:
https://uconn-cmr.webex.com/uconn-cmr/j.php?MTID=m8d2a0becd3a35b841e74a89bcb569094
Join by video system:
Dial 618090304 at uconn-cmr.webex.com
You can also dial 173.243.2.68 and enter your meeting number.
Join by phone:
+1-415-655-0002 US Toll
Access code: 618 090 304
TO SUBMIT A QUESTION IN ADVANCE, VISIT: https://ctnext.com/webinar-questions/
Thanks to Melinda Wilson, Assistant Director of Economic Development, SE CT Enterprise Region
Governor Lamont is hosting a statewide conference call for employers at 1 pm Thursday, April 9, featuring officials from the U.S. Small Business Administration and the Departments of Economic and Community Development, Banking, and Insurance. Topics include: Federal Paycheck Protection Program, Economic Injury Disaster Loans and Grants, and Connecticut initiatives to assist businesses and residents – Mortgage deferment and assistance and the Health insurance grace period.
Thursday, April 9, 1-2 pm
Call: 888.456.0356
Passcode: 2802806#
Thanks to Melinda Wilson, Assistant Director of Economic Development, SE CT Enterprise Region
The Paycheck Protection Program, part of the recently passed CARES Act, authorizes up to $349 billion in forgivable loans to small businesses during the COVID-19 crisis.
What does that mean to you and your business?
While the loan application process officially opened last Friday,
you may still have unanswered questions about the Program and
the best path forward for you and your business.
What’s the difference between EIDL and PPP loans?
If I applied for EIDL, can I still apply for PP?
Are non-profit organizations eligible?
What about sole proprietors?
Which should I do: apply for a PPP loan or file for unemployment?
If you are a non-profit or a small business with
fewer than 50 employees, please join WBDC on Tuesday
for a panel discussion to address your questions.
Our panelists include BJ Bumactao, Webster Bank;
SBA Assistant District Director Moraima Gutierrez;
Human Resources consultant Robin Imbrogno; and
Holly Richardson, PwC.
WBDC CEO Fran Pastore will moderate the discussion and Q&A.
INTERESTED?
WHEN
Tuesday,
April 7
TIME
3:00PM – 4:00PM
WHERE
Zoom meeting:
https://zoom.us/j/620214806
Mobile:
(646) 558-8656
Meeting ID:
620 214 806
Event Invitation #1:
Webinar: CT Department of Labor Updates and FAQs
April 8, 2020 at 1:00 PM
Free
Join us for a helpful webinar provided by the CT Department of Labor. Guest speaker Terry Kowalski, Operations Coordinator, will share insights and answer questions regarding unemployment insurance, paid sick leave, SharedWork, and other DOL programs.
Click here to learn more or register.
Event Invitation #2:
Webinar: 5 Things you Need to Know about the CARES Act
April 9, 2020 at 12:00 PM
Free
Join Kristi Kelly, Theodore Heiser, and Raymond Barilbeault from Suisman Shapiro as we break down the Coronavirus Aid, Relief and Economic Security (CARES) Act. This presentation will focus on the Payroll Protection Program, unemployment compensation enhancements, interaction between the CARES Act and FFCRA, and individual benefits under the Act. Enjoy your lunch from behind your screen while you learn about this important legislation.
Click here to learn more or register.
Thanks to Melinda Wilson, Assistant Director of Economic Development, SE CT Enterprise Region
Attention Small Businesses and Non-Profits:
Federal Stimulus ‘Cares Act’ Webinar Series
With the passage of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) by Congress and signed by the President last Friday, there are a variety of federal programs with substantial resources that could benefit you and your business. We encourage you to consider these programs:
Additional Resources:
In collaboration with Eversource Energy, Connecticut Natural Gas, Southern Connecticut Gas, United Illuminating, DEEP, DECD, and Connecticut Green Bank, we are co-hosting several webinars regarding the CARES Act.
Please join us for any of the following three (3) webinars:
Friday, April 3, 2020 – from 12:00 to 1:00 p.m.
Registration: https://attendee.gotowebinar.com/rt/7178362178966567438
Monday, April 6, 2020 – from 12:00 to 1:00 p.m.
Registration: https://attendee.gotowebinar.com/rt/6530071431549833740
Tuesday, April 7, 2020 – from 12:00 to 1:00 p.m.
Registration: https://attendee.gotowebinar.com/rt/1662121138525071628
For additional information, visit the DECD Business Resources page (click here) as well as the Energize CT COVID-19 Information for Contractors page (click here).
LISC is pleased to announce the Verizon-LISC COVID-19 Recovery Fund is now open and accepting applications. This fund provides grant support to help address the immediate financial impact on small businesses due to the pandemic. LISC is grateful for Verizon’s partnership for making this program a reality.
Click here to access the application. Your application must be completed by Saturday, April 4th, 11:59 p.m. ET.
Please keep the following in mind:
Who is eligible?
LISC will use the Verizon funding to provide grants of up to $10,000 to businesses facing immediate financial pressure because of COVID-19—especially entrepreneurs of color, women-owned businesses, and other enterprises in historically underserved communities who don’t have access to flexible, affordable capital.
What it can be used for?
Email verizongrantsinfo@lisc.org for questions and troubleshooting. We will get back to you as soon as possible.
ABOUT THE VERIZON-LISC SMALL BUSINESS RECOVERY FUND
Small businesses across the country are confronting extreme economic challenges as a result of the COVID-19 pandemic. Financial support at this critical time can make the difference between staying in business or closing permanently, leading to lost income, jobs and economic stability.
Thanks to a $2.5 million investment from Verizon, LISC is offering grants to help small businesses fill urgent financial gaps until they can resume normal operations or until other more permanent financing becomes available.
Additionally, Verizon recently launched #PayItForwardLIVE, a weekly livestream from big names to pay it forward for small businesses. Viewers can tune in every Tuesday and Thursday at 8PM ET/ 5PM PT on @Verizon’s Twitter, Yahoo, Twitch, and Fios Channel 501. As people support their favorite small businesses with #PayItForwardLIVE, Verizon will commit an additional $10 per use of the hashtag, up to $2.5 million, for a total of up to $5 million in support.
Thanks to Melinda Wilson, Assistant Director of Economic Development, SE CT Enterprise Region