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June 18, 2020

NH Chamber awards $100K in small-biz grants

PHOTO | Pixabay.com

The Greater New Haven Chamber of Commerce (GNHCC), through the support of Wells Fargo Bank, has provided grants to more than 80 small companies throughout its south-central Connecticut service area. The grants, provided through the chamber’s Business Assistance Fund, will be used to cover rent, expenses, and investments in new technology to adapt their business to the current circumstances.

“In our region, small businesses are continuing to experience the devastating economic effects of the pandemic,” said Garrett Sheehan, President and CEO of GNHCC. “The support from Wells Fargo allowed us to provide some level of relief to these businesses that are trying to reopen and rebuild their business.”

The grants were awarded to small companies in business at least 36 months with less than $1 million in annual revenue who have struggled to access federal stimulus programs or demonstrated a need to invest in their business. Forty-two percent of the grants were awarded to minority-owned businesses, and nearly 60 percent were awarded to female-owned businesses.

Awards were given to companies in New Haven, Branford, Milford, East Haven, Bethany, Guilford, Hamden, North Haven, North Branford, West Haven and Wallingford.

“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. “Wells Fargo is proud to support the Greater New Haven Chamber of Commerce to launch the Business Assistance Fund and help those impacted during this time.

Several hundred businesses applied for the grants. The chamber will continue to seek additional funding from other organizations. The goal is to raise enough money to reach as many struggling New Haven-area business owners as possible. If additional funding becomes available, businesses that previously applied, but did not receive a grant, will not need to apply again.

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