Gov. Lamont announces $46.6 million to help small businesses grow in Connecticut

press release

October 24, 2022

Gov. Lamont announces $46.6 million to help small businesses grow in Connecticut

(HARTFORD, Connecticut) – Governor Ned Lamont today announced that his administration is investing $46.6 million over five years to expand small business assistance programs throughout Connecticut. did. Assistance to help small businesses form, grow and innovate.

Managed by the Connecticut Department of Economic and Community Development (DECD), one of the primary goals of this initiative is to help underserved businesses. At least 50% of financial assistance will fund businesses owned by minorities, women, people with disabilities, veterans, and businesses located in difficult municipalities. Another goal is to support startups in the state.

“Small businesses are the backbone of our economy, and these subsidies may have previously experienced barriers to access to the financial support and other services needed to start and grow a business. It is used specifically to help small business owners.” Governor Lamont said:.

The investment is part of the Lamont administration’s larger strategy to help grow small businesses and complements the Connecticut Small Business Boost Fund launched this summer. The Boost Fund is a public-private partnership that provides low-interest loans to small businesses and nonprofits, especially low-income and historically underserved communities. To date, 66 loans totaling $10.8 million have been made under the fund, 61% to minority- and women-owned businesses, and 23% to businesses and nonprofits in distressed municipalities. is directed.

Funding for this initiative was approved at a recent meeting of the State Debt Commission chaired by Governor Lamont.

“This is an investment that will strengthen Connecticut’s small business ecosystem and drive small business growth statewide.” DECD Deputy Director Paul O. Robertson said:“Our local nonprofit partners are an important support network for small businesses, and this funding will also help small businesses continue to provide essential services and expand their offerings.”

Grant recipients are:

• black business alliance ($2.7 million): The funds will help the Alliance provide financial, technical assistance, and business coaching to black entrepreneurs statewide. This continues his Main Street and Beyond Program, an intensive three-month program that works with community partners to expand service capabilities and includes technical, marketing, and retail support. In addition, a subsidy program for black businesses will be established.
• Community Foundation for Greater New Haven ($7.2 million): The funds will be used to build a fairer entrepreneurial ecosystem and a more resilient small business environment in Greater New Haven. Through its Mission Investments subsidiary, the organization works with local entrepreneurial advocacy organizations and small business owners to support a complete continuum of grants, business advice, and technology services in Greater New Haven.
• girls for technology ($5 million): Girls for Technology partnered with the Society of Human Engagement and Business Alignment to create support services for Black and Indigenous women entrepreneurs of color. State funding not only helps organizations expand capacity and expand access to business resources such as training, coaching and certification programs, but it also supports the development of small businesses in underserved communities. We help capital to expand, business acceleration, and pitch competition.
• Hartford Economic Development Corporation (HEDCO) and Spanish American Merchant Association (SAMA) ($7.7 million): State funds help organizations design and deliver financial assistance to target companies and other undervalued entrepreneurs who lack the necessary resources. Create an ecosystem of providers and additional resources available to small businesses. We offer training workshops, seminars and collaborate with local universities. Established HEDCO/SAMA satellite offices in Waterbury, Bridgeport and Norwich/New London. and support for young entrepreneurs.
• Middlesex County Rehabilitation Commission ($1.5 million): The organization will use the funds to provide grants of up to $25,000 and provide ongoing technical assistance to existing small businesses in Middlesex County.
• Minority Construction Council (MCC) ($ million): This award helps MCC provide a comprehensive package of technical assistance services to support and sustain new and existing small businesses. The primary beneficiaries will be small minority businesses in the construction industry and other businesses doing or seeking to do business in the metropolitan areas of Bridgeport, Waterbury, New London, Norwich and New Britain. .
• Social Enterprise Trust, Inc. DBA Reset ($2.225 million): This award will be used to provide grants and technical assistance to new and existing small retail businesses primarily located in the Greater Hartford area. Plans for reSET include two programs. The Hartford Culinary Collaborative Program helps establish, launch and expand food businesses in the region. The Floor-Plan Retail Activation Initiative aims to develop local, modern and robust retail communities. Hartford. The primary beneficiaries will be low- to moderate-income owned Hartford-based businesses and people from the targeted population.
• Southeastern Connecticut Enterprise Region Corporation (seconds), ($4.5 million): The award provides seed and growth funding for start-ups and incumbents in the region, with a focus on companies in advanced manufacturing, offshore wind supply chains, renewable energy, childcare services and agriculture/aquaculture production. increase. He will also fund SectorRise, a technical assistance initiative to offer workshops, pitch events, and business planning competitions on business fundamentals. It focuses specifically on the underserved, marginalized, and underdeveloped population of southeastern Connecticut.
• realist lab ($5 million): Funding will go towards the Realist Labs Venture Launch Fellows Program. The program aims to support business owners and build towards a more equitable and inclusive future for Connecticut residents. It aims to capitalize on untapped business opportunities led by women, blacks, Latinos, Native Americans, silvers, LGBTQIA+ and other minority groups. This initiative consists of her two parts. The Startup Accelerator is her 12-week structured curriculum that provides training on core business practices, founder health, and customized specializations in technology and consumer products. The Startup Technical Co-Founder Service accepts Accelerator graduates and provides additional technical resources to help high-growth startups launch, successfully fund, and scale.
• Women’s Business Promotion Council (WBDC) ($9.8 million): Funding will help WBDC expand its microgrant and technical assistance programs for businesses throughout Connecticut. WBDC’s Equity Match Grant and Launch Pad Program provides a capital injection of $2,500 to $10,000 combined with expert technical assistance to help women-owned businesses launch and scale successful companies in Connecticut. We help you effectively access the financial capital and business acumen you need to scale and grow. The funds will also help WBDC open a new office in the distressed municipality of Waterbury and expand its New London office.

twitter: @GovNedLamont

Facebook: Gov. Ned Lamont’s Office