Vermont Business Magazine With full support from the Town of Hartford Select Board, The Hartford Business Revolving Loan Fund Committee (HBRLF) announces the opening on July 24, 2020 of a Business Recovery Grant Program funded by $50,000 from its Revolving Loan Account. All Hartford qualifying businesses may apply for a $2,000 grant, intended to provide recovery support for COVID – 19 related issues. Up to 25 grants will be made in the initial grant round, using a blind lottery process. Subject to demand, an additional round of grants is anticipated, if necessary. Green Mountain Economic Development Corporation (GMEDC) which manages HBRLF is facilitating the process.
Applications and information will be posted on-line on the Town of Hartford’s website www.hartford-vt.org/ and on GMEDC’s website www.gmedc.com . Paper copies will be available at the Hartford Municipal Building at 171 Bridge Street by appointment (call 802-295-3075). The application period will run from July 24, 2020 to August 10th, 2020 and notifications of successful applications will be made on August 26, 2020.
Program Overview:
· One-time grant award of $2,000 with no repayment due (This is not a loan)
· Limited to one award per business entity and principal owner
· Eligible grant uses: building rent, mortgage payments, payroll, utilities, COVID alterations, etc.
Criteria for Eligible Businesses:
· Must be a registered business entity in good standing with the State of Vermont or demonstrate you are a business in the Town of Hartford.
· Have a physical establishment for the business within the Town of Hartford.
· Business established prior to 2020.
· Self-certify a loss of business revenue of 50% or more related to COVID-19
· Have no pre-existing tax liens or legal judgements prior to March 2020 and are not currently filing for bankruptcy.
· Provide a signed W-9 form for Calendar Year 2020
· The following entities are NOT Eligible:
- Investment Real Estate Entities or Individuals
- Churches
- Non-Profit Organizations
- Banks and Financial Institutions
- Any business(s), entity or individual that previously defaulted on a loan from the Town of Hartford
Application and Review:
· Applications will become available to the public on July 24th, 2020 and can be submitted starting then.
· The Deadline for applying is 5:00pm Monday, August 10th, 2020.
· If the number of eligible applicants exceeds the available funds, awardees will be chosen randomly by lottery on August 14th, 2020. Eligible applications not chosen this round will be retained should more funding become available for a second-round lottery.
· Award notifications will take place on August 26, 2020.
For further information, please contact Mark Condon at GMEDC
802-295-3710 x 101 or [email protected]