Connecticut will direct $119.5 million in federal funding to support women and minority entrepreneurs and startup businesses.
Connecticut Innovations—the state’s primary business investment arm—will administer funding from the U.S. Department of the Treasury State Small Business Credit Initiative.
CI will launch two new programs:
- The Connecticut Future Fund, which will support entrepreneurs from underserved and diverse backgrounds
- The ClimateTech Fund, designed to support businesses that focus on clean energy, manufacturing, and climate resiliency
Both programs will be supplemented with existing Connecticut Innovations funds.
Other SSBCI funds will support existing CI programs, including initiatives supporting bioscience and advanced manufacturing businesses and early-stage venture debt and equity investments.
CI has invested $14 million in 14 companies using previous SSBCI funding, with those businesses raising almost $400 million in total investments.