To assist women, low-income, and minority entrepreneurs, business owners, and other individuals possessing the capability to operate successful business concerns and to assist small business…

The Small Business Administration (SBA) awarded a $337,494 Project Grant under the Microloan Program (CFDA 59.046) to the Community Investment Corporation, a nonprofit community development corporation and microlender based in Hamden, CT. The grant will fund the organization's provision of microloans up to $50,000 and accompanying technical assistance to start-up, newly established, and growing small businesses, with a focus on supporting women, low-income, and minority entrepreneurs. The funds will be used for working capital, inventory, supplies, furniture, fixtures, machinery, and equipment. Additionally, the grant will support Community Investment Corporation's efforts to provide marketing, management, and technical assistance to prospective borrowers and microloan recipients. This SBA Microloan Program award, valid from July 1, 2024, to June 30, 2025, aims to foster entrepreneurship and economic development in underserved communities lacking traditional credit access.

To assist women, low-income, and minority entrepreneurs, business owners, and other individuals possessing the capability to operate successful business concerns and to assist small business concerns in those areas suffering from a lack of credit due to economic downturns. Under the program, the small business administration (SBA) will make loans or provide guaranties to private, non-profit, and quasi-governmental organizations (intermediary lenders) that will use the loan funds to make short-term, fixed interest rate microloans in amounts up to $50,000 to start-up, newly established, and growing small business concerns. These microloans are to be used exclusively for working capital, inventory, supplies, furniture, fixtures, machinery, and/or equipment. In addition, the SBA will make grants to participating intermediary lenders to provide marketing, management, and technical assistance to prospective borrowers and borrowers receiving microloans. Under the program, SBA will also provide training for intermedi