Small Business SupportJanuary 28, 2021
Our small businesses are a key part of what makes our communities so special, and I would like to share this information for you to use, or to share with someone you know who runs a small business of their own. As you can see from all of this information, the Women’s Business Development Council is an invaluable resource for all business owners; while one of these options for financial assistance is only open to women, the other, along with support/information from WBDC, is for everyone.
PPP- Round 2
The second round of Paycheck Protection Program is underway, and there have been some changes to allow for more businesses to qualify.
You will find the application form here: https://www.sba.gov/sites/default/files/2021-01/PPP%20Second%20Draw%20Borrower%20Application%20Form%20%281.8.2021%29.pdf
A link to participating lenders can be found here: https://lanterncredit.com/small-business
The Equity Match Grant Program
Lt. Governor Susan Bysiewicz, the Women’s Business Development Council, and the Connecticut Department of Economic and Community Development today announced a new COVID-19 relief program designed to provide much-needed cash grants to women entrepreneurs disproportionately impacted by the pandemic.
Research shows that an overwhelming majority of the more than 60,000 Connecticut businesses that secured federal loans for COVID-19 relief were male or white-owned: 78 percent were male-owned; 84 percent were white-owned; seven percent were Asian-owned; six percent were Hispanic-owned; and three percent were Black-owned.
The Equity Match Grant Program, which will be administered by the Women’s Business Development Council through its Opportunity Fund, will aid entrepreneurs in accessing the capital needed to establish banking relationships, improve credit, and overcome challenges related to the COVID-19 pandemic.
Together, Lt. Governor Bysiewicz and Fran Pastore, CEO of the Women’s Business Development Council, raised $525,000 in funds. The State will match the funds up to $500,000, bringing the total amount of funds available in the Equity Match Grant Program to more than $1 million.
Funds from the Equity Match Grant Program can be used to purchase critical business assets such as the personal protective equipment needed to comply with reopening guidelines, or to pivot to an online business model which will help the company increase revenue and improve its cash flow.
Grants between $2,500 and $10,00 may be given for clearly defined projects that will have a measurable impact on the business. Applicants are required to provide a 25% match.
To qualify to apply for an Equity Match Grant, businesses should:
- Be a woman-owned business;
- Have prior participation in WBDC programs or services;
- Be in business with a record of sales for a minimum of one year;
- Be registered in Connecticut and in good standing with the state;
- Utilize an online or automated financial system;
- Have an established business-banking relationship.