In 2022, your small business may have lost significant revenue due to the -COVID-19 pandemic. Small businesses, families, and communities can apply for various business grant programs. Small businesses in Connecticut will be better able to grow, expand, remain competitive, and get access to capital with these resources and information.
Approximately $8.83 billion of Connecticut’s government grants come from the federal government, and $6.76 billion comes from the state. Connecticut does not restrict what kinds of businesses can receive funds. Approximately 73,515 businesses and 5,000 farms are located in Connecticut.
In addition to launching marketing campaigns, hiring more staff, and bridging cash flow gaps, businesses that qualify for grants greatly benefit. The Connecticut payroll and salary budget is $78.03 billion a year. The number of bankruptcy petitions filed in Connecticut each year is 11,268. A grant cannot be obtained for a new business start-up or expanding an existing business. Start-ups and expanding businesses can use grants from private grant awarding bodies instead of government grants.
What Is A Grant?
Authorities or agencies often award funds for business development, business growth, product development, or project development. The repayment of a grant is not required, unlike a secured or government-backed loan. Grants can also serve as an interest-free business financing option instead of a loan, which has to be repaid. Grant programs benefit business owners in this way, which is one of the main reasons they are so popular.
It cannot be easy to apply for and administer grants, despite being low-cost options. The only way to get funding is to demonstrate that you can build a successful small business with the money you receive. Several grant funding options are available from local governments, charities, and foundations.
Connecticut Small Grants
There are several types of grants available to Connecticut residents. There may be a variety of grants available to business owners in 2022.
SBIR and STTR
Approximately $2 billion in awards are made to small high-tech companies from the SBA’s Small Business Innovative Research (SBIR) and Small Business Technology Transfer (STTR) programs. STTR funds R&D partnerships between small firms and colleges or universities, while SBIR funds small business research and development alone. Participating government agencies and departments include the Department of Defense, Environmental Protection Agency, and Department of Energy.
The SCORE organization has more than 350 chapters across the country. Through its “network of 13,000+ volunteers who offer free business counseling services to small businesses, SCORE educates entrepreneurs and helps them start, grow, and succeed.” SCORE sponsors workshops and events to help small business owners. Also available are online workshops and a library of templates, such as sample contracts. A mentor can provide you with valuable advice in person or via email. For a list of SCORE locations in your area, click here.
Connecticut Minority Business Initiative
Specifically, the Minority Business Initiative (MBI) was developed by Connecticut’s Department of Economic and Community Development. It provides access to public and private financing, government contracts, and business training and tools to help minority-owned businesses thrive and grow.
As a state with high-tech industries, Connecticut Innovations brings strategic capital and operational insight to small high-tech businesses in the energy, biotechnology, information technology, and photonics. Over the years, CI has assisted more than 100 emerging companies in researching, developing, and marketing their products and services. Over one billion dollars in additional investments from private equity providers have been attracted as a result of this activity.
Small Business Recovery Fund
COVID-19 has caused extreme economic challenges for small businesses in Connecticut. In this critical time, financial support could determine whether a business survives or fails, causing job losses, economic instability, and lost income.
With the help of Citizens Bank and TD Bank, LISC is offering small businesses the opportunity to fill financial gaps while they await the return of normal operations or until other more permanent financial sources become available due to a generous grant program.
LISC will grant up to $5,000 to businesses facing immediate financial pressure due to COVID-19, especially small businesses owned by entrepreneurs of color, women-owned businesses, and businesses in historically underserved communities without access to affordable, flexible capital. Applying for this grant funding is impossible if you are a nonprofit organization.
Funding is available to those who meet the following requirements:
- Having an address and location in Connecticut will qualify you as a Connecticut small business
- A minimum of two years of operation is required
- Maintain good standing
- Registered with the Connecticut Secretary of State
- Neither liens nor judgments are outstanding
- Revenues for 2019 must not exceed $1 million
- Not already receiving a LISC grant for small businesses
- Sole proprietorships don’t need to register
- Utilities and rent payments
- Payroll management
- The payment of outstanding vendor debts
- Costs related to other immediate operations
We have reached the maximum number of applicants for our most recent grant round, which has now closed. Stay current on funding opportunities for small businesses by registering to receive alerts about upcoming online applications round.
Amber Grants For Women
You can find several websites that provide grants for women-owned businesses by searching Google for grants for female entrepreneurs. Internet users are probably already familiar with the multitude of scams that abound online and the confusing government websites (SBA) that are easily accessible. You will need to provide your personal and financial information on several forms and applications.
It may be possible for WomensNet to help you obtain financing for your new business venture if you reach out to them. Even though it can take a lot of time and effort, it is best if you try to complete the process as soon as possible. Those seeking to take their business to the next level can find a lot of helpful information on this site. Women seeking grants to realize their business goals should check out Amber Grants.
This grant is available to women-owned and operated businesses across the country (including Connecticut). If you’re interested in submitting an Amber Grant application, now is the time. You may be selected as one of their 12 monthly winners. A grant of $25,000 will automatically be available to you if you meet their eligibility criteria and are selected as one of their 12 monthly winners. A grant of $35,000 can be awarded over 12 months to the recipient. A grant of $35,000 can be awarded over 12 months to the recipient.
City of Middletown Business Operating Grant Program
Using its Department of Planning, Conservation, and Development, Middletown will assist small businesses in operating and keeping residents employed by providing operating assistance to them. All operating assistance must comply with federal regulations since the City relies on Community Development Block Grants.
- Middletown-based businesses are welcome.
- A minimum of 24 months must have passed since the business has begun operations in Middletown.
- It must be a for-profit corporation, LLC, partnership, or sole proprietorship and have a good reputation and character.
- There must be no tax liens on the applicant’s property in The State of Connecticut.
- There is a requirement that the applicant must be compliant with all applicable employment laws and regulations of the Connecticut Department of Labor, including but not limited to mandatory minimum wages, unemployment insurance, workers’ compensation, and child labor laws in the state.
- Because of the coronavirus pandemic, all business operations must be carried out, even if they are remote.
- To qualify for this position, a candidate must have good standing with the City of Middletown.
- The business must be owned by a household with low/moderate incomes, employ a full-time person(s) with low/moderate incomes (or full-time equivalents), or job creation that will hire a full-time (or full-time equivalent) person(s) with low/moderate incomes.
- Upon acceptance of the grant, the low/moderate income person(s) must continue to be employed for one year.
Generally, the maximum assistance is not expected to exceed $5,000. This will depend on the documented needs of the business and the resources available. It must be demonstrated that the business has suffered losses higher than the requested and approved amount.
Using Connecticut GrantWatch, small businesses can find grants that are relevant to their needs. Aside from business loans and grants, the website also provides grants and loans from local, state, and federal governments. In GrantWatch, a free tool that aids you in finding new grants, you can find grant writers who can assist you in preparing winning grants proposals if you are looking for new grants using GrantWatch, a free tool. A few simple questions are required to complete the grant application process.
Connecticut GrantWatch is a service that contains information only available to subscribers who have purchased a subscription to the service. It is possible to subscribe to the service for $199 per year and $18 per week by paying $18 per week. There is no eligibility for members to apply for grants as part of the free membership.
The Bottom Line
The Connecticut Small Business Development Center (CTSBDC) offers small business owners a variety of resources for launching and growing their businesses. Due to Coronavirus, small businesses are being forced to seek financial assistance from government and private organizations. It can boost the economy in many ways by providing financial aid to small businesses. The above list includes funding sources you can choose from if you need funding for your company.
Also, Learn about Colorado Small Business Grants
Are you interested in learning more about different grants and programs that can help you with your living situation? Check out the rest of Gov Relations’ blog section today!