Year round programs for grants, loans, and free business coaching
Black Business Alliance, or BBA, helps Black women and male owned businesses as well as entrepreneurs in CT. They offer a number of free services. They work to help Black owned businesses get the capital they need (grants, loans, equity, etc.) as well as other support. There is technical assistance, referrals to a Funding Superhighway, marketing and legal advice, training and so much more. Learn more about the BBA non-profit here. https://www.bbusinessalliance.org/
Connecticut Small Business Development Center helps start-ups as well as small businesses, including those owned by women, veterans, minorities and disabled people. CTSBDC has free mentoring, loans from the Boost Fund, advising programs and more all across CT. Get details here. https://ctsbdc.uconn.edu/
Department of Economic and Community Development provides low cost loans, business development services, and more. They help small businesses, including MWBE or others, that need capital and are growing in the state. There are small business centers, opportunity zones and other resources. https://portal.ct.gov/DECD
HEDCO is based in Hartford CT but supports the entire state. There is an emphasis on minority and women-owned businesses. There are loans, technical assistance, entpreuner training, applications to CT small business grants and many other assistance programs. There is also a MWBE Non-Profit Revolving Loan Fund (NPRLF) for business owners. More info here. https://hedcoinc.com/
International Hartford provides support to small businesses and start ups, with occasional grants to minority owned businesses in Hartford CT. The non-profit has a variety of assistance programs, helps with access to Capital and gives other support in the Harford area. Learn about the non-profit here. https://interhartford.org/
Meridien area Community Economic Development Fund is a CDFI lender. They help small businesses owners that are based in low-income area, that lack access to credit or have bad credit scores and face other barriers. Many clients are minorities, veterans, and women. A combination of grant programs, low cost or interest free loans, business development programs, referrals to legal support and more is offered. Continue reading about the Meridien CDFI here. https://www.cedf.com/
Microloans for women are available from Grameen America. The non-profit provides assistance to female entrepreneurs, startups and small businesses. The funds help Latina, Black women, immigrants and women of all races and ages. Grameen America provides the loans to women business owners who have a low income, live in poverty, or have bad credit. Microloans are combined with tutoring, advice, counseling and other services. Learn more on the CT microloan program here. https://www.grameenamerica.org/blog/2021/11/17/grameen-america-launches-25th-location-through-a-branch-network-in-connecticut-to-support-low-income-minority-businesswomen
New Haven area businesses, that focus on social causes, can turn to Net Impact Yale Undergraduate. The organization serves as a Kiva Trustee, and can help small MWBE, disabled, or LGBTQ businesses get interest free microloans. Several other business coaching and assistance programs are offered as well. Read more on the agency here. http://www.yalenetimpact.com/
Norwalk Connecticut small businesses can receive interest free loans of up to $15,000 from a partnership of government and non-profit agencies. The Common Council’s, National League of Cities, and Kiva are partnering together on this financial assistance program. The funds in particular will help disadvantaged businesses, including those owned by people of color, immigrants, and women among others. Learn more here. https://www.norwalkct.org/286/Common-Council
City of Norwalk Economic Development provides a number of small businesses services, with a focus on disadvantaged businesses such as those owned by Black women or men, veterans, LGTBQ+, woman, Hispanics and others. They arrange low cost or interest free loans (with Kiva), free coaching services (with SCORE), consulting, mentoring and so much more. The agency tries to help businesses, including BIPOC, start, grow and be successful. Learn more here. https://www.norwalkct.org/1490/Economic-and-Community-Development
Quinnipiac University small business accelerator as well as the M&T Bank Center for Innovation & Entrepreneurship helps students, faculty, alumni, and those tied to the school. There are free business development programs, pitch competitions for grants, marketing or design services and other programs. Learn more here. https://www.qu.edu/schools/business/facilities-and-resources/mtb-center-for-innovation-and-entrepreneurship/
Quinnipiac Microlending Initiative (Club) is another program. Students, faculty and donors provide free grants (up to $1,000) to small businesses. Students review applications, due underwriting, and approve the money for disbursement, with grants help businesses owned by people of color, single moms in CT, immigrants and others. Learn more here. https://www.qu.edu/schools/business/student-experience/microlending-initiative/
Spanish American Merchants Association, or SAMA, is a non-profit that serves all Hispanic and Latino communities across the state. Everything from job placement to training, small business startup work shops, revolving loans for entrepreneurs , free coaching and more is offered. Assistance is also offered at the Empresario Development Center. Continue reading on SAMA here. https://samact.org/
Stanford Rotary Trust Fund provides grants to non-profits. Anywhere from several hundred to several thousand (or more) is issued. The funds are for non-profits that focus on improving education, infrastructure, income inequality, non-profits that help small businesses and others. The main goal of the free grant program in Stanford is to help non-profits that “help” the community. Learn more here. https://stamfordrotarytrustfund.org/grants/
Women’s Business Development Council in Stamford Connecticut, with offices also in Hartford as well as New Haven, Waterbury and New London, is offering grants ranging from $2500 to $10,000 to women owned as well as minority owned business. The assistance is available statewide. Note the business owner also needs to match funds too. The business needs to have been operating for at least one year, have existing banking relationships, and have an approved plan for the money. The address is 184 Bedford St Ste 201, Stamford, CT 06901. Or dial (203) 353-1750 to learn about the Equity Match Grant Program. In addition to grants, there is sales help, marketing assistance, networking opportunities and other support. Apply or learn more here. https://ctwbdc.org/
By Jon McNamara