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Equity Match Grant Program

Equity Match Grant Program

The Women’s Business Development Council is pleased to offer grants of up to $10,000 to qualified small business owners

The Women’s Business Development Council is pleased to offer grants of up to $10,000 to qualified small business owners who live in Connecticut.

 

Grants are available to womenowned and/or minorityowned businesses in Connecticut and are designed to help these businesses pivot, expand or restructure during pandemic times and beyond.  

Grants between $2,500 and $10,000 may be given for clearly defined projects that will have a measurable impact on the business.  Applicants are required to match 25% of the grant funding with their own money.  For example, a client who receives a $10,000 grant to purchase additional software to improve the efficiency of their operations must have invested, as a match, $2,500 in their businesses over the past 12 months or be able to invest an incremental $2,500 of their own funds in that purchase. 

The first round of funding is currently closed.  The next round will reopen in January 2021.

Get your documents ready now.  If you need help getting your financials together, or identifying a good use of funds for this grant, contact us at info@ctwbdc.org or 203-914-4217 to book an appointment with a WBDC Business Advisor.

Qualified Applicants

• Women owned/minority owned business
• Have clear and specific use for the grant money 

• In business with a record of sales for a minimum of one-year
• Business registered in CT and in good standing with the State
• Utilize online/automated financial system – POS, Quickbooks, Xero, etc.  
• Have established business banking relationship 
• Prior participation in WBDC programs or services preferred

See below for complete list of application requirements.

NoteBusinesses cannot be engaged in any activity that is illegal under federal, state, or local law or that can reasonably be determined to support or facilitate any activity that is illegal under federal, state, or local law.

 Application Requirements

• Complete and submit a WBDC Intake Form
• Complete and submit a WBDC Equity Match Grant Application (will be available when the next round opens in January 2021)
• Provide a Use of Funds Statement (100 words or less) with the grant amount requested, how the funds will be used, and what impact the grant will have. The Use of Funds Statement must be supported by proposals, quotes and/or paid invoices evidencing planned use.
• Submit a current and complete business plan including:
    a) Current financial statements (must include at least 2 years of Profit & Loss Statements, 2018/2019 and YTD 2020)
    b) 3year financial projections clearly demonstrating impact of the grant funds (2020-2022)
• Submit evidence of business ownership (e.g. Articles of Incorporation/Organization)
• Provide a Letter of Good Standing from the CT Department of Revenue Services (obtain here)

• Provide two years of business tax returns (2018, and 2019 if available)
• Provide proof of Connecticut residency (e.g. Driver’s License)
• Provide a copy of the most recent bank statement for the business checking account

All applicants must also: 

• Participate in a virtual assessment interview with WBDC Staff.
• Be able to “match” 25% of the amount of the grant with incremental money or money that has already been invested in the business over the last 12 months.