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The Central Connecticut Revolving Loan Fund |
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| TERMS AND CONDITIONS |
What: A revolving loan fund designed to encourage growth and stimulate small and mid-sized industries and businesses resulting in the creation and retention of jobs in the region.
Where: Applicants located in Berlin, Bristol, Burlington, New Britain, Plainville, Plymouth and Southington are eligible to apply.
Eligible Activities: With a primary focus on manufacturing and some retail, the Fund will entertain a request for the following:
- Acquisition and/or renovation of commercial or industrial real estate in which the applicant occupies a significant portion of the available space for the operation of the business.
- Purchase of machinery and equipment.
- Short term loans to assist with the acquisition of inventory, the financing of receivables and the overall enhancement of working capital.
Types of Loans: Direct Loans, Participation Loans and Loan Guarantees.
Loan Amount: Loans vary up to $100,000 for manufacturing and $25,000 for retail.
Minimum Interest Rate: 1 percent over Prime Rate at a fixed rate.
Term: typically 3 - 10 years.
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| THE LOAN APPROVAL PROCESS |
The Loan Approval Process consists of several steps designed to obtain necessary information for the diligent review of the project under consideration. Outlined below are the major steps of the process:
- Completed application.
- Pre-qualifying interview.
- Business plan with completed financial data - two years' historical data, minimum 24 months/monthly cash flow projections and balance sheet.
- Personal financial statements of principal(s). (See PDF file below.)
- Tax returns for business and principal for the two most recent years.
- Resume of principal(s).
- Appraisal and environmental survey on property to be acquired and/or used for collateral.
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Prospective borrowers should request an application and additional information from the
Greater Hartford Business Development Center Inc.
15 Lewis Street, Suite 204
Hartford, CT 06103
Loan requests are presented, discussed and approved on a monthly basis by a Loan Committee and ratified by the Board of Directors. The Committee may vary terms when exceptional circumstances dictate.
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