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Grant to The Community Foundation supports growth for underserved businesses
New Haven, CT (Oct. 26, 2022) The Connecticut Department of Economic and Community Development (DECD) awarded $7.2 Million to The Community Foundation for Greater New Haven on Monday 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.
“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,” Governor Lamont said in prepared release.
The Community Foundation will manage the award through its subsidiary, The Community Foundation Mission Investments Company (TCF-MIC), which is working with local entrepreneurial support organizations (ESOs) and small business owners to create business-support network called the New Haven Entrepreneurial Ecosystem (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 The 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.” Continue reading here.