HARTFORD, Conn. (WFSB) – The pandemic has created many financial challenges for small businesses across the state.
In Hartford, the city is launching a new initiative to create jobs and help small business owners.
“One of the main problems is the lack of access to funding,” Josette Hill said.
Hill is the founder of JAH Financial Services in Hartford.
Having started her own small business and working closely with others, she knows all too well how hard the pandemic has hit the small business world.
“Running your small business with your savings is no fun,” Hill said.
As businesses continue to recover from the impact of the pandemic, Hartford city leaders announced a new initiative aimed at stabilizing the small business community.
The Small Business Investment Fund aims to create and preserve jobs, revitalize downtown Hartford businesses and inspire entrepreneurship.
“It’s very important because small businesses just need a little help, they just need a little push and someone to support them,” Hill said.
The city used $1 million of the American Rescue Plan funds for the Small Business Investment Fund.
Mayor Luke Bronin made the announcement Tuesday at the Piolin Peruvian restaurant.
“It looks at how many jobs you create, how many jobs you keep, what your capital investment plan is, what your business plan looks like,” Broening said.
Small businesses must demonstrate a commitment to creating new jobs.
Businesses can earn up to $100,000.
“I think it’s a holdover that helps businesses grow and get to where they were three years ago or pre-COVID,” said James Sanchez, a member of the Hartford City Council.
The city leader added that there could be more rounds of funding in the future.
If you are a small business in Hartford and are interested in applying, you can find more information here. Applications are considered on a rolling basis.
Copyright 2022 WFSB. all rights reserved.