The Hartford Economic Development Corp. received $1 million from the State Bond Commission to grow businesses in the North End of the city.
The state bond funding is separate from the $500,000 HEDCO received Thursday under the U.S. Small Business Administration’s Microloan program. HEDCO received certification to become an intermediary lender under the microloan program and can offer smaller term financing to all Hartford-based businesses with five or fewer workers.
The $1 million HEDCO received as part of Friday’s bond commission meeting is specifically for businesses based in Hartford’s North End. The loan program is meant for businesses have trouble finding traditional financing sources.
“They will be a great help to many small companies, especially minority contractors working on new construction projects like the proposed public safety building and Nelton Court housing,” said Sam Hamilton, executive director of HEDCO, in a press release.
HEDCO will administer the program in its partnership with the Greater Hartford Business Development Center, Inc., whose clientele includes under-served businesses.
