Equity Match Grant Program for women-owned businesses / or minority-owned businesses

Posted on February 1, 2021 by admin

The Women’s Business Development Council and the state Department of Economic and Community Development (DECD) launched a new COVID-19 relief program for women-owned businesses / or minority-owned businesses in CT.

The Equity Match Grant Program is designed to help businesses pivot, expand or restructure during the pandemic and beyond.

The application period is open now (Feb. 1), and continues through February 15th.

Grants will range between $2,500 and $10,000 for clearly defined projects that will have a measurable impact on business. Applicants will be required to match 25% of the grant funding with their money. A recipient of a $10,000 grant must have invested, as a match, $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.

The Women’s Business Development Council raised $525,000 which DECD will match up to $500,000, bringing the total amount of funds available in the Equity Match Grant Program to more than $1 million.

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 two years
  • 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

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 on February 1st, 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:
  • Current financial statements (must include at least 2 years of Profit & Loss Statements, 2018,  2019 and YTD 2020)
  • 3–year financial projections clearly demonstrating impact of the grant funds (2021-2023)
  • 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, 2019, and 2020 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.
  • 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.

More information can be found on the Women’s Business Development Council website.