MAYOR BRONIN APPLAUDS BOND COMMISSION AND SENATOR FONFARA FOR SUPPORTING SMALL BUSINESSES
HARTFORD, CONN. (Feb. 2, 2017) – On Wednesday, the State Bond Commission authorized $5M to provide grants to the Hartford Economic Development Corporation (HEDCO) to establish a revolving loan fund for minority-owned small businesses. The funds, which will be administered by both HEDCO and the Spanish American Merchants Association (SAMA), can be used by minority business owners for acquisition or purchase of machinery and equipment, construction or leasehold improvements, relocation expenses, working capital or other business related expenses.
In a statement on Thursday, Mayor Bronin thanked Senator John Fonfara for his leadership in securing these funds, as well as the Governor’s office and the State Bond Commission for their support. “I want to thank Senator Fonfara for his tremendous leadership in fighting so hard for these funds, and the Governor’s Office and State Bond Commission for recognizing how important it is to support our small, minority-owned businesses,” said Bronin. "When local small and minority-owned businesses succeed, it helps create opportunities for residents throughout our city. We all know that there’s nothing more important than growing jobs and expanding opportunity, and this is one of the best ways to do it.”
Bronin noted that both HEDCO and SAMA have a strong track record of supporting small, minority-owned businesses. “HEDCO and SAMA have been working with our small, minority-owned businesses for decades, and they are both dedicated and effective in helping small businesses get access to much-needed capital so they can grow and reach their full potential.”