Women’s Business Development Council gets $300K grant
A Stamford nonprofit that supports the efforts of businesses owned by women announced Tuesday the organization has received a $300,000 investment from JPMorgan Chase for one of its programs.
The money from the New York Citybased investment will go toward the Women’s Business Development Council’s Equity Match Grant Program, The program offers grants between $2,500 and $10,000 to fund projects that will have a measurable impact on the business, its growth and profitability.
Laura Davis, managing director of J.P. Morgan Private Bank, said in a statement that “unlocking the potential of women-led businesses is a direct path forward to creating greater economic equity, especially during this time of recovery from the COVID pandemic and given the critical role small businesses play in Connecticut’s economy.”
“The Women’s Business Development Council is a true partner in helping women, specifically women of color, access the resources and support needed to launch and grow their ventures,” Davis said.
JPMorgan Chase invested is designed to increase the capacity of the organization to empower Connecticut’s women entrepreneurs, especially disenfranchised populations and those in distressed communities. Fran Pastore, chief executive officer of the WBDC, said the investment by JP Morgan Chase brings
the organization back to its roots.
“WBDC is celebrating our 25th anniversary in 2022,” Pastore said. “Our first business checking account was opened at the Chase branch on Prospect Street in Stamford — with a $60 deposit. This is a meaningful way to celebrate this milestone with an organization that has been with us from the beginning.”
The Equity Match Grant program was launched in August 2020 and since then, 98 grants worth $924,000 have been awarded to small businesses throughout the state. The grant recipients from the program’s third funding round were announced last month and the organization began accepting applications for the fourth round this week.
Hosting Connecticut, a Windsor-based web design and hosting company, was one of the grant recipients and owner Paula Pierce said the money has allowed her “to put in place systems that have streamlined and optimized our sales process.”
“Without the extra ‘push’ of preparing to apply for this grant, I would have less specific financial data and fewer strategic plans to use to grow the business,” Pierce said. “I'm grateful for WBDC, not just for the funds, but for the extra motivation.”