Share your ideas about Connecticut’s tech talent – March Business Edge

Women’s Business Development Council of Stamford launches microloan program

Woman entrepreneurs who need capital to start and grow their businesses can now turn to the Women’s Business Development Council and its new WBDC Capital Loan Fund, which will lend as little as $2,500. The fund was started with the help of a $150,000 grant from Connecticut Innovations.

A 2014 U.S. Senate report found that women entrepreneurs received only 4 percent of the total dollar value of loans, even though they represent 30 percent of all small companies. The WBDC Capital microloan fund offers flexible guidelines to help businesses build better credit and improve their attractiveness to traditional lenders. 

French aerospace executive praises Connecticut’s precision manufacturers

Exports are big business in Connecticut. In fact, in 2016 Connecticut sold $15 billion worth of goods and services abroad, with aerospace components leading the way. France is the state’s leading customer – and with good reason.

“For us, Connecticut is a very strong partner,” said Pierre-Laurent Mace, Airbus’ head of North American procurement. “Connecticut has a rich heritage of aerospace talent and a very long industry in the aerospace supply chain. It’s a state that produces a lot of advanced technology and complex products.”

CCAT brings Connecticut. Dream it. Do It., world of manufacturing, to Hartford schools

Connecticut. Dream It. Do It. (CT DIDI), led by the Connecticut Center for Advanced Technology and funded by DECD, is bringing the world of manufacturing to every student in grades 5 through 8 at the Martin Luther King and Simpson Waverly schools in Hartford.

The CT DIDI program includes hands-on activities and interactive workshops, competitions, and simulation-based learning, with a focus on STEM and workplace skills like critical thinking, communication, problem solving and collaboration. To give students a real-life manufacturing experience, CCAT is working with Goodwin College to bring Goodwin’s Mobile Advanced Manufacturing Lab to each school.

New Options for Connecticut Travelers 

United to fly Bradley-San Francisco daily

United Airlines will begin daily nonstop service from Bradley International Airport to San Francisco on June 8. It will be Bradley’s second daily nonstop to the West Coast, joining American Airlines’ Los Angeles service.

Norwegian Air to connect to Edinburgh

Low-cost Norwegian Air International will begin nonstop service to Edinburgh, Scotland, from Bradley International Airport beginning June 17. The thrice-weekly flights will be on the new Boeing 737 Max jets.

State funds later stages of rail construction

The State Bond Commission has approved $50 million for later phases of construction on the new commuter rail line between New Haven and Springfield, Mass., which is set to begin running in January.

CI’s VentureClash offers $5 million funding pool to early-stage technology companies

Connecticut Innovations is now accepting first-round applications for the 2017 VentureClash, its $5 million global investment challenge for early-stage digital health, financial technology, Internet of Things and insurance technology companies. Top award is a $1.5 million investment, with $1 million investments for each of two second-place companies and $500,000 investments for up to three runners-up.

Winners not located in Connecticut must agree to move their headquarters or U.S. office to Connecticut or establish a significant presence here. Application deadline is June 9.

Port Authority to award up to $7.5 million in grants to improve harbors, marinas

The Connecticut Port Authority plans to award grants totaling up to $7.5 million for improvements to harbors and marinas along the coastline. The improvement projects must be aimed at encouraging commerce at those waterfront sites.

The Small Harbor Improvement Projects Program will provide grants for the preparation of plans and studies, as well as construction projects that improve state, municipal or other properties in or next to Connecticut waters. Municipalities and eligible property owners must apply by April 17.

In the news: Growing Connecticut businesses

Check out these recent articles spotlighting businesses that are growing and thriving in Connecticut, including Serta Simmons, NEHDS Logistics, Carey Manufacturing and Five Elements Robotics. 

Economic impact study: Tourism contributes $14.7 billion to state economy

The tourism industry is one of the major drivers of Connecticut’s economy. The industry creates jobs, provides significant tax revenues to the state and benefits a variety of other business sectors. In fact, a newly released economic impact study finds tourism contributes $14.7 billion to the Connecticut economy and supports nearly 83,000 direct jobs, posting five straight years of job growth.

The Outlook provides the latest information on Connecticut’s tourism industry

If you’re part of Connecticut’s tourism industry and want to know the latest about what’s happening in this growing sector, subscribe to The Outlook, the Connecticut Office of Tourism’s monthly e-newsletter for businesses involved with tourism.

Partner Profile:

A conversation with Anne Hunt, SBA’s District Director for Connecticut

Anne Hunt was appointed the U.S. Small Business Administration’s District Director for the state of Connecticut in April 2016. In her role, Ms. Hunt is responsible for the delivery of SBA’s financial assistance and entrepreneurial development programs throughout the state. In this “A Conversation with…,” we learn about the impact SBA is having in Connecticut and the direction she is taking the organization.

What are the main ways SBA helps businesses?

The SBA mission has been the same since it was created in 1953: We help Americans start, build and grow businesses. We do this in a number of ways through our counseling, capital and contracting programs. Companies can learn about our full range of programs and services by visiting our website. 

What is the structure of the Connecticut operation?

The main office is located at 280 Trumbull Street in Hartford, but we also have an alternative work site in Bridgeport, manned by Senior Area Manager Frank Alvarado. The Hartford office works with a staff of eight.

Who are SBA’s Resource Partners in the state and what are their roles?

In addition to lending, the SBA supports various resource partners, including SCORE, the Connecticut Small Business Development Center and SBA Women’s Business Centers in Hartford, Derby and Stamford. These partners, together with SBA staff, counseled and/or trained over 30,000 Connecticut small-business clients. The SBA is also working hard to make sure that Connecticut small businesses get their fair share of government contracts. In fiscal year 2015, Connecticut small businesses were awarded more than half a billion dollars in federal government contracts.

Tell us a little about the impact SBA is having on the business community.

Activity has increased both at the federal and state level. In the past fiscal year (Oct. 1, 2015, though Sept. 30, 2016), SBA approved 67,914 SBA-guaranteed loans totaling $27.8 billion. This represents a 3-percent dollar increase over the previous year, a continued record pace. Additionally, there were gains in SBA-guaranteed lending for business owners who are women, veterans, Hispanics, African-Americans, Native Americans, Asian-Americans and more.

In Connecticut, the news was equally good. For fiscal year 2016 the office saw an 8-percent increase in lending activing over 2015 activity. For fiscal year 2017, which began Oct. 1, 2016, lending continues to increase. Last year, the Connecticut SBA lending programs supported lending totaling more than $284 million for Connecticut’s small businesses. As a result of this lending, over 6,500 jobs were either created and/or retained in the state.

What changes have you implemented since your arrival last year? 

In my first year on the job I have put a great emphasis on collaboration, specifically making sure we know – and our partners know – our respective offerings and roles. We have also spent a considerable amount of time working with our lenders to educate them on how we have streamlined our processes to make it quicker and easier to underwrite an SBA loan.

We have also been offering more webinars on a variety of small-business topics, as we know how busy small-business owners are. I feel we have made great strides on several fronts to ensure we are meeting the needs of Connecticut’s business community.