Resources for Artists, Businesses and Organizations

Additional Resources for Artists & Organizations Online Workshop: Taxes for Artists, Freelancers & Creative Businesses: What You Need to Know NOW; Led By: Hannah Cole, Enrolled Agent, Sunlight Tax. Register here   HEDCO Women & Minority Owned Business Low Interest Line of Credit   HEDCO HAS NEW LOW INTEREST LINE OF CREDIT FOR WOMEN AND MINORITY BUSINESSES THAT WILL BE FORGIVEN IF EXPENSES DUE TO COVID19! This is a great program: COVID -19 Business Response Program Line of Credit. It is brand new and we will send more info as it develops. Under the COVID-19 Business Response Program, a qualifying small business with 20 or fewer employees may apply for a zero-interest Line of Credit for up to $20,000. This $2 million program will be allocated to minority-owned and women-owned small businesses. The program will be administered and underwritten by HEDCO, Inc. Eligibility ​To be considered for this program, your small business must: Be a for-profit business with no more than 20 full-time and/or part-time employees Be a minority-owned and/or woman-owned small business (minimum 51% of minority/woman ownership required) Be in good standing with the Department of Revenue Services (DRS) Have been conducting business for a minimum of six-months Terms & Conditions ​Line of Credit up to $20,000 0% interest rate One-year Line of Credit, payable in full 12 months from the date of closing  Working capital Line of Credit No application fee Closing fee of $250.00, which can be included in the cash flow projections The debt is eligible to be forgiven if the company can demonstrate that the funds were used to cover the first 3 months of expenditures due to COVID-19. In order to receive forgiveness, the business must show documentation of expenditures in accordance with your cash flow projections. Cannot use the same expenditures for other loans or grants. Application and Approval Process ​Download and complete the 1-Page Application Download and complete the Cash Flow Statement  Provide a Profit and Loss Statement as of December 31, 2019   Provide a Year-to-date (YTD) Profit and Loss Statement as of March 31, 2020 Provide Evidence of DRS Clearance (Department of Revenue Services) Provide Evidence of 3-month cash flow needs Submit all documentation to underwriting via email correspondence to COVID-19@hedcoinc.com If your loan application is approved, HEDCO will: ​Issue a Commitment Letter outlining terms and conditions Prepare closing documents for Client’s signature Issue a check with the funds For additional information or questions about the program, contact HEDCO at COVID-19@hedcoinc.com or (860) 527-1301 x18.