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April 30, 2020

Chamber launches small-biz assistance fund

PHOTO | Contributed Garrett Sheehan, president and CEO of the Greater New Haven Chamber of Commerce

The Greater New Haven Chamber of Commerce (GNHCC) on Wednesday announced a new Business Assistance Fund to provide “immediate and long-term” financial aid to small companies impacted by the COVID-19 crisis.

The fund, supported by seed funding of $100,000 from the Wells Fargo Foundation, will provide grants of up to $5,000 to eligible small-business applicants in the chamber’s 15-town service area. Successful applicants need not be chamber members.

The grants aim to help keep small companies in operation for the duration of the crisis. Grants may be used toward equipment purchase, technology investment or physical upgrades to adjust to current economic trends and social distancing guidelines. 

“On the economic side of this crisis, small businesses are among the most affected with many having to close their shops,” said chamber President and CEO Garrett Sheehan on Wednesday. “While some have found stability by pivoting their business models, others have had to exhaust their cash reserves with no plans to reopen.”

“Our goal is to raise enough money to reach as many struggling New Haven area business owners as possible,” Sheehan added. 

BAF grant applications opened on Wednesday (April 29). 

The chamber will administer grants through a grant application process with a review committee comprising chamber staff and local business and community leaders.

“Small businesses are the backbone of every community and serve as economic drivers, creating jobs, providing critical services and connecting neighborhoods,” said Kevin Burke, Wells Fargo’s commercial banking market executive for New York and Connecticut, in announcing the program.

Eligible small-business applicants — with 50 or fewer employees, less than $1 million in gross revenue, and with an immediate need for capital, will receive preference for grant review. Businesses must be for-profit enterprises in operation for a minimum of three years. 

And while $100,000 may seem like a relative drop in the bucket for even the smallest enterprises, Sheehan hopes the new initiative is  the start of an effort — and a grant pool — that will grow substantially, and soon.

“With the great support from Wells Fargo, we wanted to get this launched to start helping businesses right away, but we also know it will only go so far and the need is extreme,” said Sheehan. “We’re hoping that with this announcement others will take notice and contribute to this fund. We have talked to many people who are interested in supporting small business, and this is just one way.”

The grant is a rolling fund that is currently accepting donations from institutions, companies and other funders to meet the needs of the local small business community. Full eligibility guidelines and the grant application will be available at www.gnhcc.com beginning Thursday (April 30).

Applications may be e-mailed to Bizassistancefund@gnhcc.com or can be mailed to 900 Chapel Street, 10th Floor, New Haven 06510. E-mailed applications will be accepted through May 5.  Mailed applications postmarked by May 5 will likewise be accepted.

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