Inspiring Great Downtowns
RECOVERY & RESILIENCY ON MAIN STREET Educational Series
Main Street Forums for the 21 st Century
Session Sponsors:
Corporate Investors:
Founding Sponsors: Growth Partners: State Histor oric Preservation Office
Small Business Grants CT CARES Small Business Grant Program
Welcomes Jeffrey Taylor Senior Vice President Michael Madonia VP Business Banking
ABOUT CTSBDC • Lead office in East Hartford • Advisors located throughout the state • Funded in part by UCONN, DECD, and SBA • 20 Advisors, 4 teams: • Capital Access • Customer Acquisition • Business Operations • Pre-Venture C T S B D C . C O M
BUSINESS ADVISING SERVICES • Access to Capital • Financial analysis and cash flow management • Market research • Marketing and social media training • Budget preparation and forecasting • Export consulting • …and more C T S B D C . C O M C T S B D C . C O M
BETTER HALF BREWING • Started working w/ CTSBDC in 2019 • Secured $50k commercial bank loan • Bought food business • Upgraded facilities Success story video C T S B D C . C O M
MicroGRANTS. MaxIMPACT. Case for support: Equity Match Grants for Women/Minority-Owned Businesses
Since 1997, WBDC has educated and trained more than 14,000 clients amounting to: 6,000 businesses launched or scaled 8,100 jobs created or sustained $18.6 million in capital accessed
WBDC’s Equity Match Grant Program aims to aid women RECOVERY entrepreneurs in accessing the capital they need to build banking relationships, improve their credit, and recover from the challenges THROUGH they’ve experienced. EQUITY. Grants between $2,500 and $10,000 will be awarded for clearly defined projects that will have a measurable impact on the business. EQUITY Applicants are required to provide a 25% match. THROUGH ACCESS. In Fall of 2020, we received over 70 applications that are currently under review. Grants requests have ranged from $4,000 to $10,000. Grant recipients will work closely with the WBDC as they execute their strategies.
During our Pilot program in 2019, grants of $1,500 were awarded to five qualified candidates throughout Connecticut: ● A Home Healthcare business from Stamford used the grant to fund refinement of their website functionality and improve SEO reach. MICRO-GRANTS. ● A Therapist in Shelton purchased a software system – a highly recognized MAX IMPACT. neurofeedback program that helps young ADHD patients focus. ● A Financial Planning business in Ansonia used the grant to redesign their website functionality and improve SEO reach and visibility. ● A Professional Development Training business in Stamford used the grant to fund a redesign their website to enable multimedia content & capture customer information. ● A Yoga and Healing Arts Studio in New London purchased equipment for expansion of the current business into additional space.
Business Advising
Office Locations: ➢ Hamden, CT ➢ Providence, RI Geographic Coverage: ➢ Statewide- CT & RI Target Markets: ➢ Small to medium-sized businesses looking to purchase long-term fixed assets ➢ Start- ups and/or existing businesses that are “almost bankable”
Loan Programs SBA 504 Loan Community Lending • Financing up to $5mm • Financing from $5K-$250K • Purpose: Owner-occupied Purpose: Working capital, • commercial real estate and/or inventory, business acquisitions, long-term equipment acquisitions leasehold improvements, business debt refi, and much more Market: For profit start-ups • and/or small to medium-sized Market: For profit start-ups and • businesses existing businesses that do not qualify for traditional financing • 90% financing in most cases • Start-ups require a 20% equity Term: Up to 25 years • injection Rate: Fixed up to 25 years. • • Term: Up to 10 years Today’s rate on a 25 -year loan is 2.43%!! • Rate: Variable or fixed; depends on loan amount 18
Success Story: Olive & Henry Fine Foods • Start-up gourmet food shop located in Cheshire, CT • Denied by a national banking institution for being a start-up • Needed working capital and equipment financing • Leveraged a Micro loan that was structured as a 5- year, fixed interest rate loan with an initial 6- month interest only period 19
HEDCO, Inc. Fact Sheet Office Location: 207 Main Street – 4 TH Floor, Hartford, CT 06106 Organizational Background • Began Operation March 1, 1975 as a 501 (C) (3) Not for Profit, Tax Exempt, Non-Stock Corporation • Community Development Financial Institution (CDFI) • Certified Lender Business Consortium Fund for National Minority Supplier Development Council • Certified Micro Lender Small Business Administration • State of Connecticut Small Business Lending Partner Area Served • 169 Connecticut Towns Scope of Services • Micro Enterprise and Small Business Training • Problem Solving Assistance • Loan Packaging, Loan Administration and Servicing • Minority Bonding Program – State of Connecticut Department of Economic and Community Development • Business Development and Opportunity Center • Funds Control Management $35M Assets Under Management 800 business enterprises and Non-profit organization Clients Served Annually . $110 million Loans Packaged since 1984. More than 5,000 Jobs Retained or Created Since 1984
HEDCO’s Business Resource Center The HEDCO DIFFERENCE TECHNICAL ASSISTANCE INCUBATOR PROGRAM FINANCIAL ASSISTANCE
THE HEDCO DIFFERENCE PROFILES OF SUCCESS TORAAL DEVELOPMENT • Bracket Knoll Development Project – 20 Duplex and Multifamily houses – Naugatuck Street Extension • North End of Hartford – Phase 1: 6 multifamily homes on Westland Street completed – Phase 2: 14 homes (8 duplex and 6 multifamily homes) groundbreaking October 2020. SUPREME CLIENTELE • Barbershop – Neighborhood Shop to Mall location – Buckland Hills Mall, Manchester, CT – Making clients “Feel Good” since 2002
The Community Meriden Economic ✓ Access to capital for small Development Fund businesses that can’t get traditional bank financing. ✓ Business Education and Advisory to promote sustainability. ✓ 53 towns and cities designated by the state as in greatest need of development ✓ Any low-to-moderate- income prospective borrower statewide
SBA Microloans (Up to $50,000) CT’s leading SBA • Terms up to 6 years . Microlender for seven consecutive years Term Loans and Lines of Credit (Up to $250,000 ) • Terms up to 10 years (term loans) • Terms up to 2 years (lines of credit) Commercial Mortgages (Up to $500,000) • 51% owner-occupied • Business use • Terms up to 20 years
Sorento Fine Woodwork LLC Rick’s Tree Service LLC
IN 1982 , SEVERAL DEDICATED HISPANIC BUSINESS OWNERS AND HISPANIC COMMUNITY LEADERS REALIZED THE ENORMOUS POTENTIAL OF THE HISPANIC BUSINESS COMMUNITY IN THE CITY OF HARTFORD AND ENVISIONED THE NEED TO BE ORGANIZED TO REPRESENT ITS INTERESTS BEFORE THE GOVERNMENT AND PRIVATE SECTORS. IN 1992, THE SPANISH AMERICAN MERCHANTS ASSOCIATION ( SAMA ) WAS INCORPORATED IN THE STATE OF CONNECTICUT, CREATING A NON-PROFIT ORGANIZATION 501(C )(3) AIMED AT DEVELOPING A BUSINESS NETWORK THAT WOULD PROVIDE THE HISPANIC COMMUNITY WITH COHESION AND STRENGTH. SINCE ITS INCEPTION, SAMA HAS WORKED TOWARDS BRINGING THE ISSUES AND CONCERNS OF THE HISPANIC-OWNED BUSINESS COMMUNITY IN FRONT OF THE HARTFORD ECONOMIC AGENDA. HISTORICAL INFORMATION THROUGHOUT ITS NEARLY 30-YEAR HISTORY, SAMA HAS ENJOYED OUTSTANDING WORKING RELATIONSHIPS WITH MEMBERS OF GOVERNMENT AND CORPORATE SECTOR. THROUGH ITS NETWORK OF MORE THAN 500 LOCAL HISPANIC BUSINESS OWNERS AND ORGANIZATIONS, SAMA EFFECTIVELY COMMUNICATES THE NEEDS AND POTENTIAL OF THE HISPANIC ENTERPRISE TO THE PUBLIC, GOVERNMENT AND PRIVATE SECTOR BY: • ADVOCATING AND PROMOTING THE ADVANCEMENT OF MULTICULTURAL SMALL BUSINESS OWNERS, PARTICULARLY HISPANIC, IN THE STATE OF CONNECTICUT; • INCREASING BUSINESS RELATIONSHIPS AND PARTNERSHIPS BETWEEN THE CORPORATE SECTOR AND SMALL BUSINESS OWNERS; • MONITORING LEGISLATION, POLICIES AND PROGRAMS THAT AFFECT THE HISPANIC BUSINESS COMMUNITY; • PROVIDING TECHNICAL ASSISTANCE AND TRAINING TO MULTICULTURAL BUSINESSES AND ENTREPRENEURS; • SERVING AS A RESOURCE FOR MERCHANTS WHO HAVE THE POTENTIAL AND DESIRE TO CREATE OR EXPAND THEIR BUSINESS VENTURES; • ADVOCATING FOR THE MERCHANTS BY BRINGING THEIR BUSINESS CONCERNS TO LOCAL, STATE, AND FEDERAL AGENCIES AND TO OTHER PRIVATE AND PUBLIC INSTITUTIONS; • PROMOTING NEIGHBORHOOD AND COMMERCIAL REVITALIZATION (CLEANING CAMPAIGNS, REDUCING DETERIORATION AND CRIME FIGHTING); AND, • PROVIDING FUNDING TO SMALL BUSINESSES FOR EQUIPMENT, RENOVATION, INVENTORY AND CASH FLOW THROUGH SAMA’S LOAN PROGRAM.
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