Lt. Governor Susan Bysiewicz and Fran Pastore, CEO of the Women’s Business Development Council (WBDC), have announced that the second round of the Equity Match Grant Program is now accepting applications. The program is offering grants of up to $10,000 to qualified women-owned small businesses in Connecticut. They plan to award nearly $400,000 in grants to 44 women-owned businesses throughout Connecticut.
The WBDC launched the Equity Grant Match program in January of 2021 to provide much-needed cash grants to women entrepreneurs throughout the state whose businesses had been disproportionately impacted by the COVID-19 pandemic. This grant allows women to grow their businesses despite financial challenges caused by the pandemic and provide economic growth to Connecticut. Businesses must meet the eligibility requirements, and applicants are required to provide a minimum 25% match.
The WBDC’s Equity Match Grant Program awards grants between $2,500 and $10,000 to small businesses that are owned by women. Businesses that apply will be required to prove their need for the reward. They must confirm that they will use the grant for clearly defined projects that will have a measurable and profitable impact. The grant funds will not be available for use towards operating expenses, payroll, or real estate improvements.
● Businesses must be female-owned by 51% or more.
● The business has been established for at least two years before September 28th, 2021 with a record of sales.
● Business must be headquartered in CT, registered in the state of CT, and owned by a CT resident.
● The business is in good standing with the CT Department of Revenue Services (DRS) and the Internal Revenue Service (IRS).
● The business must have an established business checking account.
● The business must utilize a formal, digital bookkeeping/financial system such as QuickBooks Online.
● The business must have a record of annual sales/revenue in the last twelve months greater than $25,000.
● The business must be a for-profit business or a self-supporting social enterprise (A nonprofit that relies on donations is not eligible).
● The business must be owned by a woman at least 18 years old.
The WBDC will be hosting informational sessions for those interested in learning more about the grant program and getting assistance on their application. They are also providing applicants with the opportunity to speak with a team advisor. For more information on the program and instructions on how to apply for the grant, visit the WBDC’s Equity Match Grant Program webpage. Grant applications will be accepted from September 7th through 28th.
The WBDC aims to support businesswomen and their economic and financial standing by providing educational services for women in the workforce. The organization also promotes economic prosperity for women and strengthens communities by providing a support system for businesswomen across the state that drives business success.
The Innovative CPA Group strives to keep our valued clients informed of the opportunities available to them. If you are interested in applying for a grant under the WBDC’s Equity Grant Match program, we are readily available to assist. Please get in touch with us at 203-489-0612 or via our contact form.