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October 28, 2022

State awards $7.2M to support underserved businesses  

PHOTO | Contributed William W. Ginsberg
By Jean Falbo-Sosnovich

Small businesses throughout the Greater New Haven area, particularly those that are underserved, will get a financial boost thanks to a $7.2 million state grant.

The Connecticut Department of Economic and Community Development, or DECD, has awarded $7.2 million to The Community Foundation for Greater New Haven in support of work to make the small business landscape more equitable. 

The grant is part of a $46.6 million statewide initiative to help underserved entrepreneurs and small businesses owners.

Gov. Ned Lamont, in a prepared statement, lauded the grant money.

“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.

The foundation will manage the award through its subsidiary, The Community Foundation Mission Investments Company. TCF-MIC is working with local entrepreneurial support organizations and small business owners to create a business-support network called the New Haven Entrepreneurial Ecosystem, or NHE3. The NHE3 will provide a continuum of grants, business consulting and technical services in Greater New Haven, with a focus on serving Black, Latinx, women and immigrant business owners.

“This award allows us to build on our work, and the work of our collaborative partners, to expand opportunity through inclusive growth in Greater New Haven,” said foundation President and CEO Will Ginsberg. “We are very excited that the state of Connecticut and city of New Haven are in alignment with our goal of ensuring that the benefits of economic growth and expansion reach everyone in our region.”

The foundation, through TCF-MIC, has invested more than $650,000 in developing the NHE3 and has pledged an additional $2.5M over the next five years. In addition to the state award, the foundation has received a $50,000 grant from the Liberty Bank Foundation for the NHE3, and the city of New Haven has allocated $1.5 million toward the effort with funds it received from the American Rescue Plan Act.

New Haven Mayor Justin Elicker said the grant money will be especially beneficial to small business owners and entrepreneurs.

“Historically, there have been far too many barriers for aspiring entrepreneurs and prospective small business owners, and we’re every day working hard to right that wrong,” said Elicker. 

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