Lamont Unveils $1.5 Million Loan Program For Women And Minority-Owned Businesses

Jul 8, 2020

Connecticut Governor Ned Lamont has announced a $1.5 million low-interest loan program that has been created for minority and women-owned businesses in New Haven, Derby and Ansonia.

Lamont says the public-private loan program will benefit minority-owned businesses who employee fewer than 20 people and might have missed out on other COVID-19-related financial relief.

“There’s nothing more important to our state to get it going again than to give people confidence. Give small business confidence that we can power through this.”

The program will offer loans of up to $25,000 at 4% interest to about 75 local women and minority-owned businesses in New Haven, Derby and Ansonia. The first $4,000 of the loan is forgivable. The public-private partnership that contributed to the program includes the Community Foundation of Greater New Haven and HEDCO Incorporated who gave $500,000 each. The Amour Propre Fund and the city of New Haven gave $250,000 each.