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New London/WBDC Small Business Grant Program

New London/WBDC Small Business Grant Program

The Women’s Business Development Council is offering grants of up to $10,000 to qualified small businesses located in New London, Connecticut


The Women’s Business Development Council is offering grants of up to $10,000 to qualified small businesses located in New London, Connecticut

The New London/WBDC Small Business Grant Program is designed to help businesses in the City of New London, Connecticut 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.

Para traducir la página en español, desplácese hacia abajo hasta la esquina inferior derecha de la página y seleccione Español

THE GRANT APPLICATION IS NOW OPEN

Applications will be accepted and reviewed on a rolling basis until funds are exhausted. Review deadlines are as follows:

First Review: Applications submitted by November 16th, 2022
Second Review: Applications submitted by January 15th, 2023
After the second review deadline, applications will be reviewed on a monthly basis 

Learn about the New London/WBDC Small Business Grant Program

Eligibility

To be eligible, the business must:

– Have been in business for at least two years (as of the date of your application submission) with a record of sales
– Have a record of annual sales/revenue in the last twelve months greater than $25,000 and less than $2,000,000
– Be registered in Connecticut
– Be located in New London, Connecticut
– 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 person that is at least 18 years old

The following businesses are not eligible:

– Childcare businesses are not eligible for the WBDC/New London Small Business 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 childcarebusiness@ctwbdc.org

– Any individual or business who has already received a grant from the WBDC is 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

If you are ineligible, our businesses advisors are available to work with you to support your business, at no cost to you. If you would like to schedule an appointment to meet with a WBDC business advisor, please contact our team at microgrants@ctwbdc.org  

Info Sessions

One-hour informational webinars will be held in October and November to enable applicants to prepare their applications before submitting. Sign up for the webinar that best meets your schedule using the links below. The content will be the same for all webinars. You only need to attend one session, though you are welcome to attend as many as you would like.

Register for an upcoming information session!

November 10, 2022 – 10AM-11AM

November 15th, 2022 – 5:30PM – 6:30PM (In-person)

Can’t attend a live info session? Get started by watching a recorded information session.
Click here: New London/WBDC Grant Info Session
or
Sesión informativa de la Subvención New London-WBDC

Meet with an Advisor

WBDC Business Advisors are available to help answer your questions after you have attended a live or on-demand information session. Please email info@ctwbdc.org to schedule an appointment.   

*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. 

How to Prepare

Application Questions

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

Click here to download the application questions in English

Click here to download the application questions in Spanish

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.

Additional Resources

Financial Template

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 info@ctwbdc.org to request an appointment with a finance advisor. 

How to Obtain Your Status Letter

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.