Gov. Ned Lamont has announced the allocation of $46.6 million over a five-year span to finance local nonprofit economic development organizations that provide support for small business growth.
The initiative will be administered by the Connecticut Department of Economic and Community Development, with at least 50% of the financial assistance will fund minority, woman, disabled, and veteran-owned companies, as well as those that are located in distressed municipalities. Another goal is to support startups in the state.
“Small businesses are the backbone of our economy, and these grants will specifically be used to help provide support for those small business owners who may have previously experienced barriers to accessing financial support and other services needed to start and grow a business,” said Lamont, who is seeking re-election.
Among the grant recipients are the Stamford-based Women”™s Business Development Council, which will receive $9.8 million for its microgrant and technical assistance programs while opening a new office in Waterbury and expanding its New London office. Also receiving funds is the Minority Construction Council, which was granted $1 million to provide technical assistance services to support and sustain new and existing small businesses in the greater Bridgeport area and in other urban centers across Connecticut.
