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

Marty Batteen

STAMFORD — With funding from the Women’s Business enterprise Advancement Council, the downtown Lorca Espresso Bar acquired a convection oven that driven a bounce in revenue last calendar year.

Officials at the Stamford-headquartered WBDC are aiming to aid many other compact companies overcome the disruption of the COVID-19 pandemic, and a new infusion from one particular of the country’s major corporations will bolster that mission.

Financial institution of America announced Monday a $100,000 contribution for counseling, technological aid and other services to guidance upcoming rounds of the WBDC’s Equity Match Grant Program. Released in 2020, the initiative has delivered $924,000, throughout 98 grants, to girls-owned corporations in Connecticut.

“We’ve all occur jointly,” Roberta Wealthy, Financial institution of America’s client bank industry chief in reduced Fairfield County, explained at a push meeting at Lorca, at 125 Bedford St. “Whether it is a smaller-enterprise operator or a not-for-earnings business, we’re doing work alongside one another to greater the communities that we serve.”

Lender of America’s contribution highlights the corporate assist for Fairness Match. Among the other key providers that have offered funding, JPMorgan Chase introduced a $300,000 dedication in January.

Any girls-owned small firms in the point out can implement for the Equity Match grants, which just about every whole up to $10,000. The funds are allocated to “clearly outlined initiatives that will have a measurable effects on the organization, its expansion and profitability,” in accordance to WBDC’s site. The grants are not able to be used toward working bills, payroll or serious estate improvements. Candidates are needed to give a bare minimum 25 per cent match.

In just the subsequent couple of weeks, WBDC officers program to announce the recipients of the fourth spherical of Fairness Match grants. Applications for the upcoming spherical of grants are predicted to open up by the conclusion of May.

“This (Financial institution of The usa) grant is going to assistance us with the up coming number of rounds of operational assistance that we want to assistance persons with that application procedure,” WBDC founder and Main Executive Officer Fran Pastore reported. “It’s certainly vital that we do that piece of this to make absolutely sure that these grants are equitable. Some folks have to have much more assist than other people.”

Several point out 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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