Loan Programs

The Spanish American Merchants Association (SAMA) offers several loan programs that are designed to generate economic growth and stability in the cities of Hartford, New Haven, Meriden and New Britain. All SAMA revolving loan programs are designed to assist small business owners, encourage growth and stimulate small and mid-size industries and businesses resulting in the creation and retention of jobs.

Neighborhood Economic Development Revolving Loan Fund

  • Available in Hartford, New Haven, Meriden and New Britain.
  • Maximum Loans allowed under this program are:
    • Hartford $75,000.00
    • Meriden and New Britain $30,000.00
    • New Haven   $50,000.00
  • Interest Rate: 7.0%
  • Term: 3 to 10 Years

Merchants Revolving Loan Fund

  • Available in Hartford.
  • This is an alternative financing to help businesses who have problems obtaining traditional credit. Merchants can only apply for this program if they have been turned-down for financing by their financial institution and must present a loan rejection letter.
  • Maximum loan amount: $50,000.00
  • Interest Rate: 7.0%  

Eligible Uses for all SAMA Loan Funds

  • Acquisition and/or renovation of commercial or industrial real estate in which the applicant occupies more that 51% of the available space for the operation of the business.
  • Purchase of machinery and equipment.
  • Short term loans to assist with the acquisition of inventory and the overall enhancement of working capital.
  • Purchase of existing business.
  • Finance the start-up of a new business once viable business plan is developed and approved.

In order to apply for a SAMA loan, the merchants have to be an active member of SAMA before and for the term of the loan.

Application and Approval Process                               Application Form                                 

The process consists in several steps designed to obtain the necessary information to review the project. Outlined below are the major steps:

  • Completed Application (In person or online)
  • Pre-qualifying Interview
  • Start up businesses are required to present a Business Plan with at least two years of sales and expense projections and a balance sheet. (The Small Business Services Department can assist with the preparation and development  of Business Plan and Projections)
  • Existing businesses are required to presented the business financial statements that include Profit and Loss and Balance Sheet
  • Personal Financial Statement  of  Principals
  • Income Tax Return (2 years, Business and Personal)
  • Insurance Certificate (Business and Term life equal to loan amount)
  • Resume of Principals
  • Copy of a multi -year lease for their business location; no less than loan term
  • Tax Affidavit – verification of property tax payment status
  • Credit Report - $50.00 money order payable to HEDCO to request the credit report for each applicant

Prospective borrowers should return completed application with required documentation to the Loan Officer/Small Business Specialist at 95 Park Street, 3rd Fl, Hartford or 258 Grand Avenue, New Haven.

Loan application is presented to the SAMA Loan Committee; where the loan package is review and discussed for possible approval.  If for any reason the Loan Committee rejects or tables the loan, the SAMA staff is available to review the Loan Committee recommendations on how to correct the deficiencies in the loan package. The applicant has the choice to resubmit the application with the recommended suggestions.

After the application has been approved, the applicant has the right to be represented by an attorney at their own expense to review the loan commitment letter and to represent the applicant at the date of the closing.

SAMA staff will be present at the closing to answer any questions that the applicant may have.

Where to Apply:
95 Park Street,  Hartford, CT 06106    
258 Grand Avenue 2nd Fl, New Haven, CT 06513   

Contact Person:
Rosa Jacinto
Loan Officer/Small Business Specialist
(860) 278-5825 X-15
Rosa_Jacinto@samact.org

  

 

 

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