HEDCO-SAMA Forgivable Loan Program with SHEBA Partnership
Funding Amount
Up to $50,000
Deadline
Rolling / Open
Grant Type
foundation
Overview
HEDCO-SAMA Forgivable Loan Program with SHEBA Partnership
Award Type: Forgivable loans
Loan Amount: Up to $50,000
Interest Rate: 0%
Application Fee: None
Loan Terms: Forgivable after 1 year if all required documents have been received
Program Type: $3 million program allocated to minority-owned and women-owned small businesses across Connecticut
Program Administration: HEDCO Inc.
Partner Organizations: HEDCO, Spanish American Merchants Association (SAMA), and SHEBA
Geographic Scope: Statewide Connecticut
Eligibility Requirements:
Terms and Conditions:
Purpose: Financial assistance and recovery resources for minority-owned and women-owned small businesses
Contact: Phone: (860) 527-1301 | Email: applications@hedcoinc.com
How to Apply
Application Process and Required Documents
Step 1: Complete HEDCO Intake and Privacy Form
Step 2: Complete the Loan Application
Step 3: Submit Required Documents
Provide the following documents:
1. Personal and Business Tax Statements (last 2 years)
2. Profit and Loss Statement (prior year)
3. Profit and Loss Statement (current year)
4. Letter of Status for Department of Revenue Services (DRS) - issued within 15 days of submission
5. 12-month Cash Flow Projections
6. Sources and Uses of Funds
7. Documentation of items to be acquired using these funds (e.g., invoices, quotes)
8. Statement describing how loan funds will be used to support the business
9. Executive Summary (for businesses operating more than 2 years) OR Business Plan (for businesses operating less than 2 years)
10. Document Checklist signed by both SHEBA and the Applicant
Additional Requirements:
Email Submission: applications@hedcoinc.com
Contact for Assistance:
Focus Areas & Funding Uses
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