The Partnership Loan Program for Minority- and Women-Owned Small Businesses in the cities of New Haven, Ansonia, Bethany, Branford, Cheshire, Derby, East Haven, Guilford, Hamden, Madison, Milford, North Branford, North Haven, Orange, Oxford, Seymour, Shelton, Wallingford, West Haven, Woodbridge ​ HEDCO, Inc., The Community Foundation for Greater New Haven, the City of New Haven, and The Amour Propre Fund are collaborating to provide financial relief and recovery resources to minority-owned and women-owned small businesses (the “Program”). Under the Program, a qualifying small business with 20 or fewer employees (1-20 employees) may apply for a four (4%) percent term loan for up to $25,000 (twenty-five thousand dollars). This $1.5 million Program is allocated to minority-owned and women-owned small businesses based in one of the 20 cities listed above. The program will be administered and underwritten by HEDCO, Inc.

The Connecticut Small Business Boost Fund gives small business owners access to flexible funding for capital expenditures and working capital and connects them with support services. It’s a personal, equitable approach to lending, because business owners are more than just numbers on a spreadsheet. Small businesses and nonprofits can borrow between $5,000 and $500,000 depending on eligibility and need, and can choose how they spend the money — on equipment, payroll, utilities & rent, supplies, marketing & advertising, eligible refinancing, building renovations and other expenses. Loans are not forgivable. Businesses will need to pay back the full amount of the loan with interest over a 60- or 72-month term.

CEDF provides 
term loans up to $250,000, owner-occupied 
commercial real estate loans up to $500,000, and 
lines of credit up to $250,000. 

CEDF is Connecticut's leading SBA Microlender.

CEDF is a participant in the CT Small Business Boost Fund.

• Education and access to capital for start-up and existing businesses that are unable to secure traditional bank financing. 
• Business advisory support

The Connecticut Small Business Boost Fund gives small business owners access to flexible funding for capital expenditures and working capital and connects them with support services. It’s a personal, equitable approach to lending, because business owners are more than just numbers on a spreadsheet. Small businesses and nonprofits can borrow between $5,000 and $500,000 depending on eligibility and need, and can choose how they spend the money — on equipment, payroll, utilities & rent, supplies, marketing & advertising, eligible refinancing, building renovations and other expenses. Loans are not forgivable. Businesses will need to pay back the full amount of the loan with interest over a 60- or 72-month term.

• Venture capital funding • Advisory services

About the Grant

The Connecticut Department of Economic and Community Development (DECD) awarded $7.2 million to The Community Foundation for Greater New Haven on October 24, 2022 in support of work to make the small business landscape more equitable. The grant is part of a $46.6 million statewide initiative to help underserved entrepreneurs and businesses owners.

BBBA understands that having working capital and financing is the bloodline for the sustainability of any business. There are many resources out there to help start-ups and small businesses, however, many business owners don’t really understand or are aware of where to find them.

To address this gap, BBA has developed strategic collaborations and partnerships to assist their membership base.  BBA works to increase funding to businesses, especially those in higher unemployment communities and underserved cities by partnering with community organizations, local economic development and local businesses.  BBA strives to decrease the number of minority or small business failures and increase these businesses’ overall revenues.