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The Hartford Economic Development Corporation (HEDCO) has partnered with the 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.


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

·       Must 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 6 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 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 Requirements

·       1-Page Application

·       Profit and Loss Statement as of December 31, 2019

·       Year–to-date (YTD) Profit and Loss Statement as of March 31, 2020

·       3-month projected cash flow needs (INSERT LINK)

Application and Approval Process

Upon completing the 1-Page Application and submitting the required documentation, underwriting and 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 or (860) 527-1301.