Deadline: 3-Jul-22
The Women’s Business Development Council (WBDC) is inviting applications from qualified women-owned small businesses in Connecticut for the Equity Match Grant Program to help women-owned businesses grow!
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.
Funding Information
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.
Eligibility Criteria
- 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 July 3, 2022 (business must have been established by July 3, 2020) 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 bank account
- Currently utilize a formal, digital bookkeeping/financial system (e.g. QuickBooks, Sage, FreshBooks, Wave Accounting)
- Be a for profit business, or a non-profit that derives 75% or more of the organization’s revenue from a social enterprise
- Be owned by a woman at least 18 years old
- Ineligible for the grant:
- Childcare businesses are not eligible for the Equity Match Grant.
- Any individual or business who has already received an Equity Match Grant is not eligible.
- 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-their-lease” or “going-out-of-business” or similar sale.
Match Requirement
- Applicants are required to provide a minimum 25% match
- 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
- Grants cannot be used to reimburse past purchases or investments in the business.
- Businesses in distressed economic communities (as defined by DECD) do not need to provide the 25% match.
For more information, visit https://ctwbdc.org/equity-match-grant-program/