Hartford Allocates $1M in Small Business Grants
A new wave of post-pandemic funding has been directed to stabilize small businesses in Hartford.
City officials allocated $1 million of federal pandemic relief funding into the Small Business Investment fund in an effort to spur business growth, revitalize downtown, and leverage private investments.
The city will give up to $100,000 per business as part of the grant program.
Businesses will be required to match 50% of the funding. If a business gets a $50,000 grant, they will have to show they are investing $25,000 of their own.
The match can be exemplified in cash, an investment account, revenue lost during COVID-19, or through a recent business investment.
While businesses cannot use the funding for tax payments, new construction, or to purchase new land, they can use it for building renovations or additions.
Businesses may also pay for working capital expenses, professional services, and marketing, among other activities justified by a business plan.
Businesses who are located in downtown Hartford or in a major commercial corridor within the city are encouraged to apply.
Businesses must be open and have been operating for at least a year.
Other criteria include project readiness, economic impact, growth potential, business viability, and strategic significance.
Applications will be accepted on a rolling basis.
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