June 10, 2023

Silicon Business

Business 500

Bank of America pledges $100K for CT women’s business grants


STAMFORD — With funding from the Women’s Organization Improvement Council, the downtown Lorca Coffee Bar bought a convection oven that driven a leap in income previous 12 months.

Officers at the Stamford-headquartered WBDC are aiming to assistance numerous other small enterprises defeat the disruption of the COVID-19 pandemic, and a new infusion from one particular of the country’s greatest organizations will bolster that mission.

Bank of The united states declared Monday a $100,000 contribution for counseling, technological aid and other products and services to support future rounds of the WBDC’s Fairness Match Grant Plan. Released in 2020, the initiative has supplied $924,000, throughout 98 grants, to gals-owned companies in Connecticut.

“We’ve all come collectively,” Roberta Loaded, Financial institution of America’s consumer financial institution industry chief in reduced Fairfield County, mentioned at a press convention at Lorca, at 125 Bedford St. “Whether it’s a little-business owner or a not-for-financial gain organization, we’re performing together to improved the communities that we provide.”

Lender of America’s contribution highlights the corporate aid for Equity Match. Among other key firms that have supplied funding, JPMorgan Chase announced a $300,000 determination in January.

Any females-owned modest enterprises in the point out can apply for the Fairness Match grants, which each whole up to $10,000. The funds are allotted to “clearly outlined assignments that will have a measurable effect on the small business, its advancement and profitability,” in accordance to WBDC’s web site. The grants simply cannot be employed towards functioning expenditures, payroll or true estate advancements. Candidates are demanded to provide a least 25 percent match.

Within just the next pair of months, WBDC officers strategy to announce the recipients of the fourth spherical of Equity Match grants. Apps for the following spherical of grants are predicted to open by the conclude of May well.

“This (Lender of The us) grant is heading to assistance us with the subsequent couple of rounds of operational guidance that we require to assistance men and women with that software course of action,” WBDC founder and Main Government Officer Fran Pastore explained. “It’s definitely vital that we do that piece of this to make sure that these grants are equitable. Some persons require more support than others.”

Numerous state officials are enthusiastic supporters of the WBDC, as highlighted by the attendance Monday of Lt. Gov. Susan Bysiewicz, Stamford Mayor Caroline Simmons and point out Sen. Patricia Billie Miller, D-Stamford.


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