Lamont Administration Pitches $150M Small Business Fund

The Lamont administration has proposed a three-year, $150 million to help small businesses, with a particular focus on firms owned by women, minorities, veterans, and the disabled.

The funds will be dispersed to small businesses over three years in the form of low-interest loans, grants, job training, and technical support.

The Connecticut Future Fund would include $75 million in state bonding and $75 million from the state’s share of federal COVID-19 relief funds.

Department Economic and Community Development commissioner David Lehman said at least half of that money will be directed to businesses owned by minorities, women, individuals with disabilities and veterans.

Lehman also said the administration wants the private sector to match that funding and co-invest in entrepreneurs, small businesses, and start-ups.

“We think there’s a real opportunity to make this initiative even larger and have the state drive it, but with a significant amount of co-investment capital from corporations and philanthropists,” he said.

Job Retention, Growth

The administration estimates the money will help create or retain up to 14,000 jobs.

The General Assembly must approve the plan before it can move forward.

“The Future Fund, the equity fund—call it what you will, we’ve got a lot of healing to do,” Gov. Ned Lamont said.

“Today’s just a reminder that a lot of people lost their business, a lot of people lost their economic well being, and that was in restaurants and … the service sector.

“And we are doing everything we can to save the businesses that are out there—and giving everyone else the opportunity to start something up.”