What is the MetroHartford Growth Fund?
Growth Fund is a revolving loan program made possible through a grant from the State of Connecticut's Department of Economic and Community Development that provides below-market-rate financing for new and existing companies in the Metro Hartford region. The fund will support businesses expanding, building or relocating within the Metro Hartford region expecting to create new employment opportunities.
In this Section
- Who can apply?
- What kinds of projects are eligible?
- How much of my project can be funded?
- How much financing is available?
- What are the terms of the loan?
- How do I apply?
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Businesses that are planning to create new jobs within the next three years in the following Alliance member towns: Andover, Avon, Berlin, Burlington, Bloomfield, Bolton, Canton, Cromwell, East Granby, East Hartford, East Windsor, Ellington, Enfield, Farmington, Glastonbury, Granby, Hartford, Hebron, Manchester, Mansfield, Marlborough, Newington, Rocky Hill, Simsbury, Somers, South Windsor, Stafford, Suffield, Tolland, Vernon, West Hartford, Wethersfield, Windsor, Windsor Locks.
- Businesses in the following “growth clusters”: manufacturing, financial services, health care, information technology, distribution, tourism/entertainment, and environmental technologies/recycling/pollution prevention.
- Other businesses that contribute to the region’s economy by exporting most products or services out of state, or by adding value to products or services.
What kinds of projects are eligible?
Land acquisition; Expansion; Building rehabilitation and construction; Site remediation and preparation; Utility upgrades and connections; Roadway improvements; Machinery and equipment purchase; and Workforce Development Training.
How much of my project can be funded?
The Growth Fund is designed to provide supplemental financing to fill the gap between your bank loan and your own investment in the project. The State of Connecticut limits its financing to either 50 or 90 percent of project costs, depending on where your business is located.
How much financing is available?
For every new, full-time permanent job to be created over a three-year period, a business may borrow up to $20,000 in funding. The total loan may not exceed $350,000.
What are the terms of the loan?
Terms of up to 10 years are available. The interest rate is at or below prime and generally held constant over the life of the term. The fund is designed to promote job creation; therefore, penalties are applied if the promised jobs are not created, or if the business leaves the State of Connecticut within 10 years.
How do I apply?
For more information and/or to receive an application package, please contact
John Shemo jshemo@metrohartford.com at the MetroHartford Alliance, (860) 728-2284.
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