The Partnership Loan Program
For Minority- and Women-Owned Businesses in New Haven and the Lower Naugatuck Valley
The Partnership Loan Program for Minority- and Women-Owned Businesses in New Haven and the Lower Naugatuck Valley is an innovative new loan program that provides relief and recovery resources to small businesses that have suffered disproportionate economic injury due to the COVID-19 pandemic.
Minority-owned and women-owned small businesses located in New Haven, Derby and Ansonia can apply for forgivable low-interest loans of up to $25,000. The loan program is designed to help businesses establish or repair credit, and offers business support services to help owners plan for future sustainability and growth.
HEDCO, Inc. is administering the program.
Our Commitment to Equity and Opportunity
Now more than ever, our community needs the infrastructure supports that provide access to alternative funding options previously obscured from minority and women entrepreneurs.
The Partnership Loan Program represents a crucial step forward in The Community Foundation's new strategic plan to create opportunity in neighborhoods and among communities that have historically suffered from disinvestment and exclusion. It is one of many innovative investments that TCF-MIC is prioritizing for minority-owned and women-owned businesses and part of its vision to broaden and deepen its relationships in the community.
Small business has long been a viable vehicle for economic mobility, especially among businesses that last for at least five years. By investing in minority-owned and women-owned small businesses, TCF-MIC aims to address racial and gender disparities by creating new avenues for building wealth.