Borrowers
The Greater New Haven Community Loan Fund makes four main types of loans, each with their own criteria and guidelines. Please read the following information, and click on the area that interests you.
1. Loans to Non-profit Organizations
The GNHCLF will lend funds against contract or grant receivables to cover an agency’s operating expenses. The program helps groups solve their immediate cash flow problems and address some of the underlying reasons for the shortfall, while allowing them to establish a strong credit history with the Loan Fund. Non-profit agencies are encouraged to apply for cash flow loan pre-approval before they actually need the money. This allows the Fund to pre-qualify an agency to be automatically eligible for a loan when the need arises.
Click here for more information on Cash Flow Loans to Non-profit Organizations.
- Facility Improvement and Capital Equipment Loans to Nonprofits.
The GNHCLF will lend funds to qualified non-profit organizations that are based in and/or serve New Haven County. Funds can be used for building repair and upgrade, technology and other equipment purchases.
Click here for more information on available Facility Improvement & Equipment loans.
2. The Small Contractor Loan Program
Goal: To assist small-and medium-sized private contractors based in the Greater New Haven area with short-term financing to cover preliminary material and payroll costs.
Eligible Contractors: General Contractors, Specialty Contractors (i.e. Abatement, Carpentry, Electrical, HVAC, Painting, Plumbing, Mechanical, Structural, etc).
Other Eligibility Criteria:
- Contractors must be registered with the City of New Haven Small Contractor Development Program as an SBE firm.
3. Construction and Rehabilitation Loans to Developers
GNHCLF loans are made to eligible borrowers involved in housing and economic development throughout the greater New Haven area. Eligible borrowers include:
• Non-profit and for-profit developers
• Limited Equity Cooperatives
• Community Land Trusts
• Partnerships
Note: The Fund does not make Development loans to individuals.
Click here for more information on Construction and Rehabilitation Loans to Developers
4. Loans to Individuals
The GNHCLF also originates Lead Paint Hazard Control Program loans to income-eligible homeowners within the City of New Haven. These loans are designed to promote home ownership and remove unsightly and dangerously blighted buildings.
Down payment assistance (up to $5,000) is also available to homebuyers whose first mortgage will be through Citizens Bank.
Click here for more information about Loans to Individuals
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