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This State is Ditching Their Small Business Development Grant Program -- Find Out Why

Small businesses need more help today with funding, not less. So why is Connecticut getting rid of a grant program that has been awarding grants to small businesses in Connecticut for 9 years? Budget cuts.

Budget cuts eliminate grant program

For 9 years, the Connecticut Department of Economic and Community Development funded a small business grant program that was run by the Connecticut Center for Advanced Technology (CCAT) Inc. The state announced that it would no longer be funding the program. The reason stated was that Connecticut has been experiencing declining state revenues and has been forced to make budget cuts which resulted in the elimination of the program.

What happens now to small businesses in Connecticut?

It seems, however, that all is not lost for small business owners. According to Catherine Smith, commissioner of the Department of Economic and Community Development in Connecticut, while CCAT is being eliminated, funding for small business will continue through CI and CTNext. Huh?

CI is Connecticut's venture capital fund, Connecticut Innovations, and CTNext is a new program that was developed "to foster innovation and growth in startup and early-stage businesses and link startups to promote greater business activity." According to Karen Jarmon, spokeswoman for CCAT, small businesses currently receiving grant money from the CCAT program will not be affected by the change.

It is just not clear so far, however, how small businesses will be affected or benefited by a change in programs.


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