$88k In COVID Relief Grants Distributed To Small CT Businesses

Press release from Local Initiatives Support Corporation:

August 2 2020

HARTFORD, CT. -- Local Initiatives Support Corporation (LISC) Connecticut and Citizens Bank are pleased to announce that they have awarded grants totaling $88,000 to 20 small businesses across Connecticut. This initiative was launched with a commitment by Citizens Bank to provide grants to small businesses facing immediate financial distress due to the COVID-19 pandemic.

Across the country, small businesses are reeling from the devastating economic impact of COVID-related closures. Early estimates indicate that over 100,000 small businesses--almost 2 percent-- nationwide have permanently closed as a result. In many urban communities of color, small businesses are the lifeblood of neighborhoods, providing jobs and critical goods and services. However, minority-owned businesses have experienced the greatest difficulty in accessing government resources during a time they’re needed most. Minority- and women-owned business enterprises (MWBEs) are more likely to be unbanked or underbanked and may also face additional language and cultural barriers to receiving federal funds.

For forty years, LISC has worked in communities of color and alongside their residents, bringing resources to historically marginalized and under-resourced neighborhoods. LISC is pleased to partner with Citizens Bank to provide financial relief to those small businesses suffering most.

“The power of LISC is in its role as an intermediary, connecting resources and technical assistance to build the capacity of community-based organizations and small businesses in historically disinvested places. We’re grateful to Citizens Bank for responding to the need among Connecticut’s small business community and for recognizing LISC’s role as a leader in the community development sector to deploy these resources,” said LISC Connecticut Executive Director, Jim Horan.

“We are proud to partner with LISC to support small businesses because we know small businesses are so important to the fabric of our communities,” says Lisa Maass, President of Citizens Bank Connecticut. “Supporting small business owners means supporting the neighborhood ecosystem and their employees as they deliver critical products and services to customers. Providing them with funds to manage through these challenging times is a lifeline we hope will have a big impact.”

LISC opened the Citizens Bank Small Business Recovery Fund application on April 20th and within 8 hours had reached its capacity of 100 applications, signaling the significant need for emergency grant relief within the small business community. All 20 grantees are MWBEs and come from communities in the Bridgeport, Hartford, New Haven, and New London areas.

Sadie Marshall, owner of Sadie’s Professional Cleaning Services in New Haven and a grant recipient, had experienced a significant drop in revenue once the pandemic hit. “There was lack of work and no money coming in. We had nothing. I felt as if I was going to lose my business. My employees were scared and some of them chose not to work because they were afraid they were going to catch the virus and bring it home to their children.” However, this grant funding from LISC and Citizens Bank is giving her renewed hope. “We were able to pay the bills and have money left over for us to grow our business. We are truly grateful for this opportunity. Thank you for investing in the future of Sadie’s Pro Cleaning.”

To make a donation to or learn more about LISC Connecticut’s response locally to COVID-19, please visit www.lisc.org/connecticut-statewide/donate or contact jhoran@lisc.org.

This press release was produced by the Local Initiatives Support Corporation. The views expressed here are the author’s own.