Investing in Small BusinessNovember 16, 2022
Local small businesses are the backbone of our economy, and it is important that the state encourage their success and growth by providing helpful assistance and support.
Recently, the state announced a five-year, $46.6 million investment to expand small business assistance programs across Connecticut, specifically helping 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.
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 sector and help fuel economic growth across the state. You can learn more here.