Women Owned Businesses in Essex, Chester and Deep River Take Note

ESSEX, CHESTER, DEEP RIVER, CT — A Letter from State Representative Christine Palm about Help for Women-Owned Businesses:

Dear Neighbor,

Women-owned businesses are a significant driver of the economy; one in 11 adult women is an entrepreneur¹, and women-owned businesses grow five times faster than the national average of all firms².

However, this doesn’t always guarantee access to credit. Financial analysts agree that women- and minority-owned businesses were largely passed over in last year’s roll-out of Paycheck Protection Program (PPP) loans, possibly because banks made more money by funneling those loans to larger companies. That may soon change. Read about it HERE.

That’s why I’ve asked the Women’s Business Development Council (WBDC), a non-profit providing resources to help women thrive in business, to meet with women who own small businesses in my district.

On Thursday, Feb. 11 at noon, we will meet (via Zoom) to learn about grants and loans that may be available to women-owned businesses in the towns of Chester, Deep River, Essex and Haddam.

While the pandemic has taken a terrible toll on businesses’ bottom line, cash flow and staff morale, there is hope. The Coronavirus Aid, Relief, and Economic Security Act (CARES) which was signed into law on March 27 of last year, opened up funding opportunities for small businesses.

Many businesses will qualify for a loan or grant through a variety of programs, such as:

• Paycheck Protection Program
• SBA Emergency Injury Grants
• Economic Injury Disaster Loans
• Community Investment Corporation Loans
• Equity Match Grant Program

WBDC small business counselors will help walk participants through the process on:

Thursday, Feb. 11 from 12 to 1 p.m.
Register here: https://us02web.zoom.us/meeting/register/tZckd-Curj4qHdC7MvuIrCIP32Yc4IaWcYI6

Please do not feel alone during this terrible time. Here’s a chance to talk with fellow women small business owners and get some solid advice about resources that may be available to you. Please know not everyone will qualify for these programs, but this is your chance to learn more. Many thanks to the WBDC for making themselves available!

If you cannot make next week’s session, you can still meet with a WBDC counselor. Receive one-on-one virtual counseling on a range of business topics, from finance to strategy to marketing. Call (203) 751-9550 or email adesena@ctwbdc.org to request an appointment.

Go4Funding. Some Facts About Women Entrepreneurs. Retrieved from http://www.go4funding.com/Articles/Entrepreneur/Some-Facts-About-Women-Entrepreneurs.aspx.

American Express OPEN (2016). The 2016 State of Women-Owned Businesses Report. Retrieved from http://about.americanexpress.com/news/docs/2016x/2016SWOB.pdf.

Please help me reach your neighbors, who may be in need, by forwarding this email to them. Feel free to contact me by email at Christine.Palm@cga.ct.gov with any questions or concerns.

Sincerely,

Christine Palm
State Representative