WBDC Launching New Women-Owned Matching Grants
The Women’s Business Development Council is opening a new round of equity match grants for women-owned small businesses in Connecticut beginning Jan.17.
Grants range between $2,500 and $10,000 for businesses who showcase an upcoming project that will have a measurable impact on their business growth and profitability.
Applicants must provide a minimum 25% match of the grant, unless the business is in a distressed economic community as defined by the Connecticut Department of Economic and Community Development.
The organization has distributed more than $1.2 million in equity match grants since the program first began.
Grant funds cannot be used for operational expenses, payroll, or real estate improvements.
In some cases, past recipients have used the grant money to purchase equipment to accommodate more customers, or add services based on new technology.
Other businesses have used the funds to revamp marketing campaigns, and hire consultants.
To be eligible to receive the grant, a business must be more than 50% woman-owned by a Connecticut resident.
The business must have been established for at least two years before Feb. 28, 2023 and:
- Headquartered and registered in Connecticut
- In good standing with the Connecticut Department of Revenue Services and the Internal Revenue Service
- Have an established business checking account
- Use a formal, digital bookkeeping/financial system
- Have a record of annual sales/revenue in the last 12 months greater than $25,000 and less than $2 million
- A for-profit business
- Owned by a woman at least 18 years old
The WBDC is holding a number of hour-long informational sessions in January and February for companies to learn more about the grants.
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