The State Bond Commission approved $46.6 million in funding to support small business grants across Connecticut.
The Department of Economic and Community Development will administer the program, which will award grants to several local non-profit economic development organizations over a five-year period.
At least half of the funding will support minority, women, disabled and veteran businesses, according to a press release.
“This is an investment that will strengthen Connecticut’s small business ecosystem and spur small business growth statewide,” said DECD Assistant Commissioner Paul Robertson.
“Our local nonprofit partners are an important support network for our small businesses, and this funding will help them continue to provide important services and expand their offerings.”
Eleven organizations were tapped for funding.
The Women’s Business Development Council receives the largest grant – $9.8 million over five years to help the organization expand its micro-grants and technical assistance programs.
The organization, which is celebrating its 25th anniversary this year, has offices in Stamford, New Haven and New London.
In addition to supporting WBDC’s Equity Match Grant and Launch Pad programs, the funding will also support the expansion of the New London office and the opening of a new office in Waterbury.
Approximately $7.7 million in grants will go to the Hartford Economic Development Corporation and the Spanish American Merchants Association.
The grant will help organizations design and implement financial support for targeted businesses and create an ecosystem of providers for additional resources, including training workshops and seminars.
ReSET is also to be funded as part of the scholarship program.
Organization executives said their $2.225 million funding will focus on developing new retail and food businesses.
“We are thrilled to be recognized for our work alongside the other grantees focused on the critical work to grow Connecticut’s economy through small businesses,” said Sarah Bodley, executive director of reSET.
“Food and retail entrepreneurs have a lot to consider when looking at their supply chain, their workforce and their image in the community.
“The targeted promotion of these sectors will have a significant impact on the number and quality of new companies in our region.”
Other recipients are:
- Black Business Alliance ($2.7 million)
- The Community Foundation for Greater New Haven ($7.2 million)
- Girls for Technology ($5 million)
- Middlesex County Revitalization Commission ($1.5 million)
- Minority Construction Council ($1 million)
- Southeastern Connecticut Enterprise Region Corporation ($4.5 million)
- Realist Lab ($5 million)