HARTFORD — Hartford on Tuesday joined community-based organizations to launch a $1 million grant program to help about 100 small businesses with cash.
Hartford, the Hartford Foundation for Public Giving, HEDCO, Inc., and Capital for Change launched a $1 million Small Business Emergency Assistance Grant Program that will provide a grant of up to $10,000 to make lease or mortgage payments, pay salaries, make vendor payments, pay taxes, or pay for other eligible expenses.
Officials said the Small Business Emergency Assistance Grant Program is aimed at small businesses that may have difficulty obtaining funding from other federal or state initiatives, with a particular focus on providing assistance to small businesses owned by women and people of color, located in low-income neighborhoods in Hartford.
Many small businesses hire locally, hence the need to support them, city officials said.
“Small businesses are the lifeblood of our economy, and we are proud to join with these partners to get them critical support during this unprecedented time,” said City Council President Maly D. Rosado.
The program will be administered by Capital for Change and applications will be accepted online beginning on May 4, 2020. A link to the application will be available at Coronavirus.Hartford.gov.
Grant awards are expected to be made on or before May 22, 2020. Program dates are subject to change.
Beginning on April 27, 2020, interested businesses can access technical assistance to ensure they are prepared to submit an application.
Organizations providing technical assistance include the Blue Hills Civic Association, the Upper Albany Merchants Association, the Spanish American Merchants Association, HEDCO Inc., the Entrepreneurial Center at the University of Hartford, the Minority Construction Council, and the Hartford Chamber of Commerce.
In order to be eligible for the grant, businesses must: (a) be located within the City of Hartford, (b) be able to provide at least one federal tax return, (c) have positive revenues not exceeding $500,000 for the submitted tax years, (d) have an EIN and/or DUNS number, if applicable. Other eligibility requirements will be available in the grant application.
In an effort to make grants available to as many business owners as possible, principal owners of multiple businesses will only be eligible for one grant.
“This pandemic has devastated small businesses, and we want to do everything we can to help our small businesses here in Hartford survive, reopen, re-hire, and start growing again,” said Mayor Luke Bronin. “All too often, small businesses in communities like Hartford don’t have the banking relationships, the connections, or the ability to access federal grants or loans, and this partnership is aimed at helping those small businesses that are most likely to be left out.”