Windham Region Chamber of Commerce

funding

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BUSINESS FINANCIAL RESOURCES IN CT

We understand it is difficult for so many of you to make ends meet during the pandemic.  Here are a couple of financial resources that are specifically for Connecticut.  As we have shared, there are other SBA loans like the Economic Income Disaster Loan.  We have highlighted those we have helped our constituents work with in the past.

Manufacturing Assistance Act
To support manufacturing projects that offer strong economic development potential, the State of Connecticut passed the Manufacturing Assistance Act, which funds direct loans to growing, eligible economic-based businesses.
https://portal.ct.gov/DECD/Content/Business-Development/05_Funding_Opportunities/Manufacturing- Assistance-Act

Connecticut Small Business Express Program
Provides an array of financing options to fuel your progress, whether you need an equity investment, capital purchase or working capital. Through state programs, small businesses can access direct funding from the Department of Economic and Community Development (DECD) and Connecticut Innovations (CI).https://portal.ct.gov/DECD/Content/Business-Development/05_Funding_Opportunities/Small-Business- Express

Connecticut Manufacturing Innovation Fund Voucher Program
Provides companies with access to capital to help them obtain new equipment and the expertise they need to become more efficient, productive, and competitive. Eligible companies can apply for vouchers up to $50,000 for the purchase of specialized equipment and expertise that will help improve operations, including marketing, LEAN, compliance, and other technical needs. Notwithstanding any prior grants under this MVP program, manufacturers realigning or expanding capacity and capabilities to respond to the shortages of critical medical equipment and supplies shall be eligible for a one-time grant up to $75,000. Eligibility shall be determined by DECD based on market prioritization; i.e. Shortages at the time of application. The amount awarded under this exemption maybe reduced by the amount awarded under any other DECD COVID-19 program. Participating companies must pay half of the cost. https://ctmvp.ccat.us

Community Economic Development Fund
Provides loans to Connecticut small business owners, primarily in low-to-moderate income communities, who are not able to obtain traditional bank financing.
https://www.cedf.com/loans/term-loans/

Women and Minority Loan Guarantee
Special loan guarantee in conjunction with the Department of Economic and Community Development (DECD) to help women- and minority-owned businesses obtain flexible financing. This program is for start-up businesses as well as existing businesses planning to expand. CEDF provides the loan and the Department of Economic and Community Development provides up to a 30% guarantee. Women- or minority-owned business with 50 or fewer employees are eligible. Loan amount up to $50,000. https://www.cedf.com/loans/women-and-minority-loan-guarantee-program/

MICRONOW Loans
Provides fast, affordable loans up to $15,000 in just two weeks. Rate is 8.125% and includes free business coaching with Community Investment Corporation. Businesses have to have been open at least one year, owner credit score of 650 or higher, and zero late payments in the last year. http://ciclending.com/micronow-loan/

COVID-19 Business Response Program
Provides qualifying small business with 20 or fewer employees may apply for a zero-interest Line of Credit for up to $20,000. This $2 million program will be allocated to minority-owned and women- owned small businesses. The program will be administered and underwritten by HEDCO, Inc.
https://www.hedcoinc.com/state-of-ct-hedco-decd-covid-19

HEDCO Business Loans
Access to capital needs that would be otherwise un-met or under-served. HEDCO offers small business and non-profit organizations flexible and affordable loan options that fit their needs:
https://www.hedcoinc.com/financial-assistance

Southeastern Connecticut Enterprise Region
SeCTer’s small business lending program can help small to medium-sized businesses expand, upgrade machinery and equipment, and/or relocate to our region. SeCTer provides loans to businesses that are not quite bank ready, providing them the capital to grow and succeed.
https://www.secter.org/loans/

Northeast CT Economic Alliance
Provides business loans to businesses within our 21-town service region in northeast Connecticut. Generally, loans range in size from $5,000 to $50,000, although it is possible to structure larger loans.
The majority of our business clients are small to medium in size, with 50 or fewer employees. We have the risk tolerance to do business with start-ups and many of our applicants have had their loan request denied by banks and/or other financing entities.
https://nealliance.com/business-loans/

 

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SUPPORT THE ARTS, CULTURE & TOURISM INDUSTRIES-PLEASE HELP US

The Chamber supports funding for the Arts, Culture and Tourism industries.  These businesses are extremely important not only to our quality of life but also to our community economic sustainability and vitality, and they have taken the hardest hit during the pandemic.  House Bill 6119, “An Act Concerning Arts, Culture, and Tourism Funding” is proposed to….

H.B. 6119 Talking Points
Increasing the percentage of the hotel and lodging tax that supports the Tourism Fund from 10 to 25%: • Will help prevent further economic injury, address the impact of the shutdown, and accelerate recovery of not only the Arts sector, but all of Connecticut. The arts and culture sector is an economic driver for Connecticut and has been hit hard by the pandemic.
• Does not take funding away from another legislative priority because hotel and lodging tax revenue not currently allocated to the tourism fund goes to Connecticut’s general fund.
• Does not raise the hotel and lodging tax. It simply allocates a larger percentage of that tax revenue to the Tourism Fund.
Fixing the percentage of the Tourism Fund that is allocated to Tourism at 60% and Arts and Culture at 40% reflects how the fund is allocated now. It does not change how much funding is allocated to each.
Renaming the Tourism Fund to the Arts, Culture and Tourism fund more accurately describes its role in providing state funding to all three of these sectors.

The Commerce Committee will have a hearing on Thursday, February 11, 2021 at 10:00 A.M. via Zoom. All testimony is due on Wednesday, February 10, 2021 by 3:00 P.M.  You can submit testimony via zoom at the hearing.  To testify in person first register HERE.  Registration will close Wed Feb 10 at 3:00 PM.  You can also testify by phone at 860-240-0380 or email written testimony in word or pdf format to cetestimony@cga.ct.gov.

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DEADLINE FOR RESTAURANT GRANT FEB 5 AT 5PM

CT Restaurant Relief Fund

The COVID-19 pandemic has placed an incredible burden on the Connecticut restaurant industry. Connecticut was home to 8,000+ restaurants and employed over 160,000 people before the mandated closure on March 16, 2020. This resulted in thousands of layoffs, and ultimately over 600 restaurants closing their doors in Connecticut. We continue to see closures every week.

CT restaurant owners and operators need immediate financial relief in order to stay in business, aid their employees, and survive the impact of this crisis. The mission of the CT Restaurant Relief Fund is to provide immediate financial relief to Connecticut’s restaurant industry with funds designed to save these businesses and protect its workforce.

The COVID-19 pandemic has placed an incredible burden on the Connecticut restaurant industry. Connecticut was home to 8,000+ restaurants and employed over 160,000 people before the mandated closure on March 16, 2020. This resulted in thousands of layoffs, and ultimately over 600 restaurants closing their doors in Connecticut. We continue to see closures every week.

GRANT SIZE & SCOPE

The CT Restaurant Relief Fund initiative strives to provide Connecticut’s restaurants with immediate financial support in the form of grants valued at $5,000 per location. In this unprecedented time, the luxury of establishing an endowment before engaging the community to identify grant recipients does not exist. The CHEF will distribute funds as they become available. Membership in the Connecticut Restaurant Association has no bearing on selection. Grants awarded to restaurants still in operation are to be used to keep their doors open and workers employed.

GOALS

There are three primary goals of the CT Restaurant Relief Fund:

• To provide restaurants with critically needed financial support immediately.

• To financially support restaurateurs, keeping restaurants open and workers employed.

• To provide those seeking a reputable source through which to financially support the Connecticut restaurant industry and its employees affected by COVID-19.

DISTRIBUTION OF GRANTS

Staff from the Connecticut Restaurant Association and Connecticut Hospitality Educational Foundation will oversee the distribution of grants.

Qualifications

1. Restaurant is located in Connecticut;

2. At least 25% sales loss in 2020 compared to 2019 OR business opened after October 1, 2019;

3. The restaurant remains open providing modified service (takeout / delivery);

Additional Criteria to be Considered:

1. Priority for sole proprietors, women owned and minority owned businesses;

2. Overall Sales % decrease comparing 2020 to 2019;

3. Additional grants received;

4. Members of the Connecticut Restaurant Association Board of Directors and the Connecticut Hospitality Educational Foundation Board of Directors ARE NOT eligible for these grants.

Grant Distribution Guidelines:

1. CHEF launches Grant Application at 12 pm on January 25, 2021.

2. Applications accepted through 5 pm February 5, 2021.

3. All applications will be reviewed and scored based on the qualifications and criteria above.

4. CHEF Staff will review all applications using a rubric method and then provide award recommendations to the CT Hospitality Educational Foundation Board of Directors.

5. Grants will begin to be distributed beginning on February 23, 2021 and will continue based on additional funds received.

6. Only one grant will be issued for restaurant groups. If you own more than one restaurant, consider applying for the business in most need.

**dates subject to change. Please check website for updates.

Questions? Contact apply@ctrestaurantrelief.org.

All applications will be reviewed. Application deadline is February 5 at 5 pm. Reminder: Only one application will be considered from each restaurant group. If you own more than one restaurant, consider applying for the business in most need.