HARTFORD — Sen. Eric Coleman (D-Hartford/Bloomfield) announced that the state Bond Commission approved $1 million on Friday to grow businesses and jobs in the North End of Hartford through a North Hartford Community Revolving Loan Program.
“Small businesses are the engines of job creation in our economy, generating up to 65 percent of all new jobs nationwide over the past 15 years. A persistent problem throughout this recession has been a lack of available credit for small businesses to expand and take on new projects and new employees. I am very pleased that new funds have been approved for loans to small businesses in Hartford’s North End,” Coleman said.
The loan program will be managed by the Hartford Economic Development Corporation (HEDCo) to promote and stimulate economic growth by providing financing for North Hartford businesses which have difficulty accessing traditional financing sources.
A Wells Fargo/Gallup study performed earlier this year reports that 30 percent of small business owners say it is difficult for them to obtain credit. That is slightly better than the situation one year ago, but two to three times more difficult than it was in 2006 and 2007.
Revolving loan funds are designed to encourage growth and stimulate small and mid-sized industries and businesses resulting in the creation and retention of regional jobs.
“We are really excited to gain these new funds to help North End businesses create jobs. 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. “The funds certainly come at an opportune time, and have been long awaited.”
HEDCo works with the Greater Hartford Business Development Center, Inc. (GHBDC) to provide its small business clientele with business support needs that would be otherwise un-met or under-served.
The two organizations aim to work in tandem to stimulate economic development in the Hartford Metropolitan Area by collaborating with concerned public and private organizations to help start, finance, retain, and recruit small businesses within Hartford and the surrounding cities and towns.