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


STAMFORD — With funding from the Women’s Enterprise Development Council, the downtown Lorca Coffee Bar obtained a convection oven that powered a leap in revenue final year.

Officials at the Stamford-headquartered WBDC are aiming to help a lot of other compact companies overcome the disruption of the COVID-19 pandemic, and a new infusion from just one of the country’s premier providers will bolster that mission.

Bank of America introduced Monday a $100,000 contribution for counseling, specialized guidance and other companies to help future rounds of the WBDC’s Fairness Match Grant System. Launched in 2020, the initiative has supplied $924,000, throughout 98 grants, to women of all ages-owned corporations in Connecticut.

“We’ve all come jointly,” Roberta Abundant, Bank of America’s shopper financial institution market place leader in reduce Fairfield County, reported at a push conference at Lorca, at 125 Bedford St. “Whether it’s a tiny-enterprise proprietor or a not-for-financial gain organization, we’re operating with each other to much better the communities that we serve.”

Bank of America’s contribution highlights the corporate guidance for Fairness Match. Amid other main corporations that have presented funding, JPMorgan Chase announced a $300,000 commitment in January.

Any girls-owned compact corporations in the state can utilize for the Equity Match grants, which each individual full up to $10,000. The cash are allocated to “clearly described projects that will have a measurable impact on the business enterprise, its expansion and profitability,” according to WBDC’s internet site. The grants simply cannot be applied towards working costs, payroll or actual estate enhancements. Candidates are expected to deliver a minimum 25 per cent match.

In the subsequent couple of months, WBDC officers strategy to announce the recipients of the fourth spherical of Fairness Match grants. Programs for the upcoming spherical of grants are predicted to open by the close of May well.

“This (Financial institution of The us) grant is heading to aid us with the next handful of rounds of operational aid that we have to have to support men and women with that software method,” WBDC founder and Main Government Officer Fran Pastore stated. “It’s absolutely essential that we do that piece of this to make guaranteed that these grants are equitable. Some folks require far more assistance than other folks.”

Quite a few condition officers are enthusiastic supporters of the WBDC, as highlighted by the attendance Monday of Lt. Gov. Susan Bysiewicz, Stamford Mayor Caroline Simmons and state Sen. Patricia Billie Miller, D-Stamford.


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