NEW HAVEN, Conn. — Gov. Lamont and Lt. Gov. Bysiewicz announced a loan program for minority and women-owned businesses Tuesday.
The program's launch will support these businesses located in New Haven and the lower Naugatuck Valley.
Officials said in a release, "The initial loan pool of $1.5 million will offer loans of up to $25,000 for small businesses located in New Haven and the lower Naugatuck Valley cities of Derby and Ansonia.
The Partnership Loan Program for Minority- and Women-owned Businesses in New Haven and the Lower Naugatuck Valley was created through a partnership among The Community Foundation for Greater New Haven, HEDCO, Inc., the Amour Propre Fund and The City of New Haven. Hartford-based HEDCO, Inc. will administer the program, assist businesses through the application process and provide financial planning services. The loan program comes as the federal aid programs created in response to the economic shutdown caused by the coronavirus failed to benefit many minority-owned small businesses."
The purpose is to aid those who have been impacted by the COVID-19 pandemic.
HEDCO, Inc. will administer and underwrite the loans. In addition, it will work with owners to establish the credit history and financial records necessary to build their businesses and access traditional lenders.
The state leaders were joined by Mayor Justin Elicker; Cathy Graves, Deputy Economic Development Administrator for the City of New Haven; and representatives of the Community Foundation for Greater New Haven, HEDCO, Inc., and the Amour Propre Fund.