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The Women’s Business Development Council is offering grants of up to $10,000 to qualified women-owned small businesses in Connecticut
The Equity Match Grant Program is designed to help women-owned businesses grow! Grants between $2,500 and $10,000 will be awarded for clearly defined projects that will have a measurable impact on the business, its growth and profitability.
The grant funds cannot be used towards operating expenses (e.g. inventory, on-going marketing expenses, salaries), real estate improvements (e.g. construction costs), reimbursement for past purchases or debt repayment.
Applicants are required to provide a minimum 25% match (see below for more details).
THE GRANT APPLICATION IS NOW CLOSED
This grant is a competitive process and WBDC may not be able to fund all applicants.
Stay tuned for the next round of funding to be announced for
Learn about the Equity Match Grant
To be eligible, the business must:
– Be 51% or more woman-owned
– Be headquartered in CT, registered in the state of CT and owned by a CT resident
– Have been in business for at least two years before February 28, 2023 (business must have been established by February 28, 2021) with a record of sales
– Have a record of annual sales/revenue in last twelve months greater than $25,000 and less than $2,000,000
– Be in good standing with the CT Department of Revenue Services (DRS)
– Have an established business checking account
– Currently utilize a formal, digital bookkeeping/financial system (e.g. QuickBooks, Sage, FreshBooks, Wave Accounting)
– Be a for profit business
– Be owned by a woman at least 18 years old
The following businesses are not eligible
Childcare businesses are not eligible for the Equity Match Grant. If your business is in the childcare industry, WBDC has other programs for you. We encourage you to visit our Child Care Business Funding page to learn more or reach out to us at firstname.lastname@example.org
Any individual or business who has already received an Equity Match Grant is not eligible.
Non-profit organizations are not eligible.
Current vendors or contractors of WBDC are not eligible.
Former vendors are eligible to apply a year after working with WBDC.
Medical marijuana; liquor stores and alcohol distributors; adult businesses such as strip clubs; vape retailers; tobacco shops and smoking lounges; businesses having to do with gambling; gun stores and ranges; cash advance, check cashing, or pawn shops; bail bonds; collection agencies or services; and auction or bankruptcy or fire or “lost-our-lease” or “going-out-of-business” or similar sale
– Applicants are required to provide a minimum 25% match. This does not necessarily mean that the applicant needs to contribute funds to receive a grant.
For example, if the business receives a $10,000 grant for the purchase of new software, the business must have invested $2,500 in their business over the past 12 months OR be able to invest an incremental $2,500 of their own funds in that purchase
– Businesses located in distressed economic municipalities (as defined by DECD) do not need to provide the 25% match.
How to Prepare
There are four sections to the application:
Section A: How you would use the grant
Section B: Narrative of your business
Section C: Upload supporting documents
Section D: Compliance and consent
What the review committee is looking for
– Thoughtful, complete, and well-developed picture of your business that shows a path to growth.
– Exceptionally clear use of funds, with a direct link to growth, focused, strong supporting detail.
– Financial Projections are robust and reflects seasonality of business in projections where all numbers make sense.
– Display the business’ long-term potential, with strong growth and potential for continued growth
– Job creation potential, with the business being on track to adding more jobs
– Return on investment, that the funds will unlock growth
– Grant will have a meaningful impact on the business and help the business grow and scale
Applications will be reviewed by an independent panel of experts from the community. WBDC Business Advisors will not be making the decisions on who receives grants.
Click here to download the projected profit and loss template (English & Spanish)
This template is provided as a guide by the Women’s Business Development Council (WBDC). Applicants are welcome to use this template or their own format if they prefer.
How to Create Projections
Access on-demand lessons about how to create projections based on your business type.
eLearning: Pricing, Profitability, Projections for a Product Business
eLearning: Pricing, Profitability, Projections for Service Business
For additional assistance please email email@example.com to request an appointment with a finance advisor.
How to Obtain Your Letter of Good Standing
Please request your letter from the CT DRS myconneCT online center: 𝗺𝘆𝗰𝗼𝗻𝗻𝗲𝗖𝗧 (ct.gov)
Here is a tutorial to on how to request the status letter: Requesting a Status Letter (of Good Standing) (ct.gov)
Click here to see an example of what your status letter should like. Please note that if it does not look like this – it is the wrong document.
Learn about the impact of the Equity Match Grant and how it has helped some of our amazing recipients! WBDC has awarded 167 Equity Match Grants distributing over $1.5 million to women-owned businesses across the state.
Meet Some of Our Equity Match Grant Recipients!
Anchor & Compass
Deep River, CT
Read Sage’s story
Creative ME, LLC
New Haven, CT
Read Mechele’s story
Read Aimee’s story
The Family Pizza Truck
Read Angela’s story
Trailing Twine Photography
Read Ling’s story
Read Corey’s story
Illumina Skin Care Massage
Read Lillian’s story
Ivy's Simply Homemade
Read Ivy’s story
Read Lynns’s story
Koko Floral Design
Read Koko’s story