$7.2M Earmarked For Community Foundation Of Greater New Haven: Gov.​

NEW HAVEN, CT — The Community Foundation for Greater New Haven is set to receive $7.2 million, Gov. Ned Lamont Monday as part of a five-year, $46.6 million investment to expand small business assistance programs across Connecticut.

Grants are earmarked for local nonprofit economic development organizations that provide a wide array of assistance to support the formation, growth, and innovation of small businesses.

One of the main goals of this initiative, which is being administered by the Connecticut Department of Economic and Community Development, according to Lamont, is to support underserved businesses. At least 50 percent of the financial assistance will fund minority, woman, disabled, and veteran-owned companies, as well as those that are located in distressed municipalities.

The $7.2 million in funding for the Community Foundation for Greater New Haven will be used to "build a more equitable entrepreneurial ecosystem and a more resilient small business landscape in Greater New Haven," according to Lamont.

Through its mission investment subsidiary, the organization will work with local entrepreneurial support organizations and small business owners to support a full continuum of grants, business advisory, and technical services in Greater New Haven.

The Community Foundation's 20-town region includes Ansonia, Bethany, Branford, Cheshire, Derby, East Haven, Guilford, Hamden, Madison, Milford, New Haven, North Branford, North Haven, Orange, Oxford, Seymour, Shelton, Wallingford, West Haven and Woodbridge.

Supporting start-ups

Another goal of the program, Lamont said, 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,” Lamont said.

This investment is a part of the Lamont administration’s larger strategy to support small business growth and complements the Connecticut Small Business Boost Fund, which launched this summer, according to a news release. The Boost Fund is a public-private partnership that provides low-interest loans to small businesses and nonprofits, particularly those in low-income and historically underserved communities. To date, 66 loans totaling $10.8 million have been made under the fund, with 61% of those going to minority and women-owned businesses, and 23% to companies and nonprofits located in distressed municipalities.

The funding for this initiative was approved at a recent meeting of the State Bond Commission under the chairmanship of Lamont.

“This is an investment that will strengthen Connecticut’s small business ecosystem and fuel small business growth across the state,” Paul O. Robertson, deputy commissioner of DECD, said. “Our local nonprofit partners are a vital support network for our small businesses and this funding will help them continue to provide critical services and expand their offerings as well.”