HARTFORD, Conn — Gov. Ned Lamont announced the federal approval of Connecticut’s plan to assist entrepreneurs and small business owners with growth with COVID recovery funding.
The plan will distribute up $119.5 million in funding with the help of the American Rescue Plan Act’s (ARPA) State Small Business Credit Initiative (SSBCI).
This initiative will provide numerous loan and equity programs to help small businesses grow, create jobs, promote equity, and start the use of green technologies, the governor said.
Ultimately, Lamont believes the ARPA will help Connecticut grow economically.
“These vital investments will create thousands of new jobs and will work to make Connecticut more equitable and sustainable. Our delegation is proud to have fought to bring these funds back to Connecticut,” said Lamont.
Secretary of the Treasury, Janet L. Yellen believes this investment will be one that will never be forgotten.
“This historic investment in entrepreneurship, small business growth, and innovation through the American Rescue Plan that will help reduce barriers to capital access for traditionally underserved communities,” she said.
SSBCI funds will be controlled by Connecticut Innovations, which is the state’s strategic venture capital arm and leading source of financing and ongoing support for new companies.
This will lead to two new funds:
- The Connecticut Future Fund supports entrepreneurs from underserved and diverse backgrounds who lead small businesses in numerous sectors.
- The Climate Tech (CT) Fund supports businesses in their early stages with a focus on clean energy, environmentally safe manufacturing, and climate resiliency.
“This funding allows us to support underrepresented founders and allow us to grow, attract, and retain the most promising green tech companies in Connecticut,” said Connecticut Innovations CEO Matthew McCooe.
David Lehman, Connecticut Department of Economic and Community Development Commissioner, said they have been working hard to responsibly spend the new funds and they are ready to hit the ground running.
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