State Awards $46M in Small Business Grants
The State Bond Commission approved $46.6 million in funding to support small business grants throughout Connecticut.
The Department of Economic and Community Development will administer the program, which will provide grants to several local nonprofit economic development organizations over five years.
At least half the funding will support minority, woman, disabled, and veteran-owned businesses, according to a release.
“This is an investment that will strengthen Connecticut’s small business ecosystem and fuel small business growth across the state,” deputy DECD commissioner Paul Robertson said.
“Our local nonprofit partners are a vital support network for our small businesses and this funding will help them continue to provide critical services and expand their offerings as well.”
Eleven organizations were tapped to receive funding.
The Women’s Business Development Council will receive the largest grant—$9.8 million over five years to help the organization expand its microgrant and technical assistance programs.
The organization, which is celebrating 25 years of service this year, has offices in Stamford, New Haven, and New London.
Funding will not only support WBDC’s Equity Match Grant and Launch Pad programs, but will also go towards expanding the New London office and opening a new office in Waterbury.
About $7.7 million in funding will go to the Hartford Economic Development Corporation and Spanish American Merchants Association.
The grant will help the organizations design and implement financial support to targeted businesses, and create an ecosystem of providers for additional resources, including training workshops and seminars.
ReSET is also set to receive funding as part of the grant program.
Leaders with the organization said they will focus on developing new retail and food businesses with their $2.225 million funding.
“We’re thrilled to be recognized for our work along with the other grant recipients focused on the crucial work to grow Connecticut’s economy through small businesses,” reSET Executive Director Sarah Bodley said.
“Food and retail entrepreneurs have a lot to consider when you look at their supply chain, workforce, and how they show up in the community.
“The targeted assistance to these sectors will make a significant impact on the number and quality of new businesses in our region.”
Other recipients include:
- Black Business Alliance ($2.7 million)
- The Community Foundation for Greater New Haven ($7.2 million)
- Girls for Technology ($5 million)
- Middlesex County Revitalization Commission ($1.5 million)
- Minority Construction Council ($1 million)
- Southeastern Connecticut Enterprise Region Corporation ($4.5 million)
- Realist Lab ($5 million)
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