WBDC Launches Grant Program for Women-Owned Small Businesses
The Women’s Business Development Council is offering equity grants of up to $10,000 to qualified women-owned Connecticut small businesses.
The WBDC’s Equity Match Grant Program provides grants between $2,500 and $10,000 awarded for clearly defined projects that will have a measurable impact on a business, its growth, and profitability.
Grant funds cannot be used towards operating expenses, payroll, or real estate improvements and applicants must contribute a minimum 25% match to qualify.
For example, a business that receives a $10,000 grant must have invested $2,500 in their business over the past 12 months or be able to invest an incremental $2,500 toward the relevant project.
Grants cannot be used to reimburse past purchases or investments in the business. Businesses in distressed economic communities do not need to provide matching funds.
Businesses with at least 51% female ownership that operate in Connecticut and have been in business for two or more years are eligible to apply.
Other requirements include:
- Headquartered and registered in Connecticut
- Owned by a woman who is at least 18 years old and a Connecticut resident; an 51% women-only
- In good standing with the state Department of Revenue Services and the Internal Revenue Service
- Have an established business checking account
- Use a formal, digital bookkeeping/financial system such as QuickBooks Online
- Greater than $25,000 in annual sales/revenue in the past 12 months
- A for-profit business or a self-supporting social enterprise (a nonprofit that relies on donations is not eligible)
Grant applications open Sept. 7, 2021 and close three weeks later on Sept. 28.
Applicants are encouraged to review and complete the four-part application prior to Sept. 7.
WBDC will host information sessions in July, August, and September covering the application process, eligibility requirements, and application materials.
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