GRANTS:

HARTFORD BUSINESS ECONOMIC RECOVERY GRANTS

DEADLINE FOR APPLYING IS AUGUST 10, 2020 at 5:00pm

DOWNLOAD THE APPLICATION BY CLICKING: 

Hartford Economic Recovery Grant Application 7.24.20 and W-9

Hartford Business Revolving Loan Fund

HARTFORD BUSINESS ECONOMIC RECOVERY GRANTS

The Town of Hartford, its Selectboard and its Business Revolving Loan Fund Committee understand the hardships businesses in town have suffered due to the COVID-19 pandemic and the shutdown of the economy that was required to preserve the health of our community. In order to assist businesses in town to recover, the Town has made available $50,000 from the Hartford Business Revolving Loan Fund (HBRLF) to be given out as grants in the amount of $2,000 to businesses hard-hit by the pandemic.

Program Overview:

  • One-time grant award of $2,000 with no repayment due (This is not a loan)
  • Limited to one award per business entity and principal owner
  • Eligible grant uses: building rent, mortgage payments, payroll, utilities, COVID alterations, etc.

Criteria for Eligible Businesses:

  • Must be a registered business entity in good standing with the State of Vermont or demonstrate you are a business in the Town of Hartford.
  • Have a physical establishment for the business within the Town of Hartford.
  • Business established prior to 2020.
  • Self-certify a loss of business revenue of 50% or more related to COVID-19
  • Have no pre-existing tax liens or legal judgements prior to March 2020 and are not currently filing for bankruptcy.
  • Provide a signed W-9 form for Calendar Year 2020
  • The following entities are NOT Eligible:
  • Investment Real Estate Entities or Individuals
  • Churches
  • Non-Profit Organizations
  • Banks and Financial Institutions
  • Any business(s), entity or individual that previously defaulted on a loan from the Town of Hartford

Application and Review:

  • Applications will become available to the public on July 24th, 2020 and can be submitted starting then.
  • The Deadline for applying is 5:00pm Monday, August 10th,
  • If the number of eligible applicants exceeds the available funds, awardees will be chosen randomly by lottery on August 14th, 2020. Eligible applications not chosen this round will be retained should more funding become available for a second-round lottery.
  • Award notifications will take place on August 26th,

 For questions or additional information, please contact Mark Condon at

mcondon@gmedc.com or 802-295-3710 ext 101

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LOANS:

HARTFORD BUSINESS REVOLVING LOAN FUND

The Hartford Business Revolving Loan Fund (HBRLF) was established by the Town of Hartford to assist businesses in its region to create or retain employment in Hartford.  Loans are made to these businesses at favorable rates and terms to enhance the economic vitality and stability of the community.  Whenever possible, the fund is used to complement other financing sources.

CRITERIA FOR LENDING

  • Repayment ability
  • Funds must be used for a business in Hartford, or show that Hartford residents will be the primary beneficiaries of the business
  • Borrower must be current on Hartford taxes
  • Adequate security
  • Priority is given to loan requests that leverage other funds

APPLICATION SUBMISSION

  • Potential borrowers obtain and submit applications to Green Mountain Economic Development Corporation (GMEDC)
  • Assistance in completing applications is provided by GMEDC and the Vermont Small Business Development Center (VtSBDC) specialist in the GMEDC region
  • Applicants must submit a business plan, financial information and cash flow projections for two years
  • GMEDC reviews the submitted applications for completeness prior to presenting them to the HBRLF committee for review
  • If approved by the HBRLF committee, the application, funding amount and loan terms will be forwarded to the Hartford Selectboard
  • Final approval rests with the Hartford Selectboard

INTEREST RATES

Usually the current interest rate is two points above the prevailing Wall Street prime rate on the day the revolving loan fund committee recommends approval.

MATURITY

Loans are generally amortized on a monthly basis over a term not to exceed 5 years, or 10 years for a loan involving real estate acquisition.

COLLATERAL

  • Savings and time deposits
  • Equipment and/or inventory
  • Real estate
  • Key person life insurance
  • Other assets as required

EQUITY

An applicant must have a reasonable stake in the business.

WHAT ARE YOUR ANSWERS TO THE FOLLOWING QUESTIONS?

  •  Is or will your business be located in the Town of Hartford?
  • Do you need money to spruce up the façade on the building where your business is located?
  • Do you need money for new equipment, new inventory and/or working capital?

HBRLF Loan Application Documents:

HBRLF App Letter

HBRLF Application

HBRLF Guidelines

For more information on an HBRLF Loan, call GMEDC at 802-295-3710.

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GMEDC’s Disaster Revolving Loan Fund

Green Mountain Economic Development Corporation (GMEDC) was awarded a Rural Business Development Grant from USDA to create a Revolving Loan Fund for businesses affected by disasters.

If you have a small business that was negatively impacted by a natural disaster such a fire, flood or storm damage and need financial assistance to get back going, GMEDC may be able to help with a small low interest loan.

For further information, please contact Bob Haynes at

802-295-3710 or email rhaynes@gmedc.com.

In compliance with Federal law and U.S. Department of Agriculture policy, this institution is prohibited from discriminating on the basis of race, color, national origin, sex, age or disability.  (Not all prohibited bases apply to all programs.)  To file a complaint of discrimination, write USDA, Director, Office of Civil Rights, Room 326-W, Whitten Building, 1400 Independence Avenue, SW, Washington, DC 20250-9410 or call (202)720-5964 (voice and TDD).  USDA is an equal opportunity provider and employer.