$46.6 Million to Support Small Business Growth in CTNovember 1, 2022
The state has announced a five-year, $46.6 million investment to expand small business assistance programs across Connecticut, specifically supporting small business owners who may have previously experienced barriers to accessing financial support. This initiative will also support startup businesses, which is great news for our economy.
At least 50% of the investment will fund underserved businesses such as minority, women, disabled, veteran-owned companies, and residents in distressed municipalities. This initiative will also support startup businesses.
The following local nonprofit economic development organizations that support small business formation, growth, and innovation, will manage the funding.
The grant recipients are:
- Black Business Alliance ($2.7 million)
- The Community Foundation for Greater New Haven ($7.2 million)
- Girls for Technology ($5 million)
- Hartford Economic Development Corporation (HEDCO) and Spanish American Merchants Association (SAMA) ($7.7 million)
- Middlesex County Revitalization Commission ($1.5 million)
- Minority Construction Council (MCC) ($1 million)
- Social Enterprise Trust, Inc. DBA reSET ($2.225 million)
- Southeastern Connecticut Enterprise Region Corporation (SECTER), ($4.5 million)
- Realist Lab ($5 million)
- Women’s Business Development Council (WBDC) ($9.8 million)
These grants will strengthen Connecticut’s small business ecosystem and fuel economic growth across the state. You can learn more here.