DECD Small Business Grant Program
The $7.2 million DECD Small Business Grant Program.
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.
The Community Foundation for Greater New Haven ($7.2 million) funds will be used over the next five years to build a more equitable entrepreneurial ecosystem and a more resilient small business landscape in Greater New Haven. Through its mission investment subsidiary, the organization will work with local entrepreneurial support organizations (ESOs) and small business owners to support a full continuum of grants, business consulting and technical services in Greater New Haven.
To be eligible for the grant, the answers to the following questions must be “yes”. As part of the application, you will be asked to submit documentation as proof of your eligibility:
- Have you been in business for at least one year (as of the date of your application submission) with a record of sales? If a startup, please indicate on application
- Does your business have a record of annual sales/revenue in the last twelve months greater?
- Is your business registered in CT?
- Is your business located in New Haven County, CT?
- Is your business in good standing with the CT Department of Revenue Services?
- Does your business have an established business checking account?
- Does your business utilize formal digital bookkeeping/financial (e.g., QuickBooks, Sage, FreshBooks, Wave Accounting)?
- Is the business a for profit business?
- Is the business owned by a person at least 18 years old?
Applying for the Grant
There are FOUR steps to applying for the Grant, and it may take up to four weeks for the decision to be made - subject to all required information having been received.
- STEP 1 - Create a new account
- STEP 2 - Upload the required documents
- STEP 3 - Application Review
- STEP 4 - Decision
1. Back up documentation for Use of Funds (e.g., proposal, estimate, screenshots of proposed purchases, or other evidence to support the amount you are asking for).
2. Year-to-date 2023 balance sheets
3. Year-to-date 2023 profit & loss statements
4. 2021 business federal tax return (Schedule C for LLC)
5. 2022 business federal tax return (Schedule C for LLC)
6. Three years of financial projections (2023, 2024, 2025), clearly demonstrating impact of the grant funds on the business
7. Copy of the most recent bank statement for the business checking account in the name of the business, and showing CT address for the business
8. Letter of good standing from the State of Connecticut Secretary of State Office
9. Proof of Connecticut residency (e.g., Driver’s License)
10. Department of Revenue Services (DRS) Status Letter