Program aiding women small business owners to launch 2nd funding round

The Women’s Business Development Council is preparing to launch its second round of grants to help women small business owners and minority female entrepreneurs cope with business challenges associated with COVID-19.

The WBDC’s Equity Match Grant program, which was launched in August, made grants totaling $116,500 to 12 businesses around the state during the first funding round, officials with the organization said Wednesday. The next round to apply for grants begins Feb. 1 and ends Feb. 15, said WBDC chief executive officer Fran Pastore.

The announcement of the second grant making round came as the WBDC topped the $1 million mark in fundraising for the program. Ten banks are among the contributors to the fund, adding $285,000 to the program’s coffers, according to officials with the organization.

Pastore said women are starting new businesses despite the tough economic times associated with pandemic. In some cases, out of necessity.

“Women are being laid off and they are turning to entrepreneurship as a logical goal, so they can continue to feed their families,” she said. “Women of color are starting busineses at a rate five times that of the male counterparts. Among all women, it’s at a rate twice the level of men.”

The grant money is being used to purchase critical business assets or to move to an online business model, helping these women-owned businesses grow revenue and improve overall cash flow.

The state’s Department of Economic and Community Development is matching every dollar raised by the WBDC dollarfor-dollar, said Lt. Governor Susan Bysiewicz. The WBDC has raised $525,000 to date.

“Women-owned businesses statewide have been disproportionately impacted by this pandemic, forcing too many business owners to choose between paying rent and making payroll, or whether to move their business online to stay open,” Bysiewicz said. “Women-owned businesses don’t have the same access to capital that businesses owned by men do. Many of our smallest businesses are hanging on by a thread.”

One such women-owned business that has already benefitted from the microgrant program is StickFX LLC, a Portlandbased company led by Kim Murray and Leigh Radziwon. The startup company created and launched three innovative mask products online in response to the COVID-19 mask shortage, using the business’ silicone expertise and proprietary technology.

The grant funds will enable StickFX to achieve FDA approval for their masks and adhesive, according to Murray.

“The Equity Match Grant is allowing our company to get testing done that will help our products get certifications and classifications that will open new market opportunities for us,” Murray said. “As a small start-up that is bootstrapping every expense, this testing is very costly and it wouldn’t be an expense we could consider on our own. Thanks to the WBDC, we now have the opportunity to move forward without the burden of incurring more debt for our small company.”

Another beneficiary of the program is Adrianna Robles, who launched Good Morning Cupcake in Milford last year, opening a storefront in March. Robles is using the money to get newer and larger kitchen equipment as well as to expand baking classes she offers to customers.

“Women are driving my business as well,” she said, noting that the majority of her customers are women.