Small Business Development Center Among Key Responders to Propel Business Recovery

In normal times, Connecticut and the nation would have observed the convergence of national Small Business Week and international Economic Development Week to begin the month of May.  This year, due to the coronavirus pandemic, the official observance highlighting small businesses across the country did not take place, even as the focus on economic development and the fate of small businesses sharpened in Connecticut and nationwide.

 To help small businesses regain their strength, the Connecticut Small Business Development Center (CTSBDC) is among the key agencies in the state working to advise small businesses across as they navigate the impact COVID-19 has had on their businesses. CTSBDC advisors have worked with over 1700 clients from March 1 – April 30, officials report, helping them to secure, with lending partners, over $9.9 million dollars in COVID19-related funding, with $31 million more in the pipeline – 3.5x more clients than those served over same timeframe last year.

U.S. Small Business Administration (SBA)’s National Small Business Week has been a staple for nearly 60 years.  More recently, created by the International Economic Development Council in 2016, the goal of Economic Development Week (EDW) is to increase awareness for local programs that create jobs, advance career development opportunities and increase the quality of life in communities everywhere.

CTSBDC works with national partners to ensure clients have access to all of the federal and state funds that are available. Through connection to the SBA and other federal entities, and the Connecticut Department of Economic and Community Development (DECD), CTSBDC ensures that clients are aware of the opportunities and able to comply with the regulations set in place for these businesses.

CTSBDC staff bring expertise in the complexities of the application process which can prove helpful to ease that burden on business clients. A COVID-19 Business Resource Center has been added to the organization’s website, providing updated access to programs and funding available through SBA based on the latest Congressional action. 

“In order to be able to assist the thousands of small businesses impacted,” said Joe Ercolano, State Director of CTSBDC, “we have increased our capacity, adding to our staff 10 new employees with funding from the CARES Act. Each individual brings a range of expertise and industry experience to assist our clients.”

“Connecticut was one of the first states to request a declaration of disaster in order to be eligible for the SBA loans,” stated David Lehman, Commissioner, Department of Economic and Community Development. “Working with our partners throughout the state, including the CTSBDC, the DECD and the Governor’s office were able to quickly document the impact and need in order to obtain the recognition needed at the federal level. As a result, we were extremely pleased to bring in higher levels of disaster related funding to small businesses in Connecticut.

As the state moves forward with plans to reopen in phases, announced last week by Gov. Lamont, CTSBDC officials point out that experienced advisors are available to help businesses chart their next steps. From managing cash flow to adapting their business model, CTSBDC advisors “are here to help small business adjust to this new way of doing business at this time.”

This, week CTSBDC has virtual meetings planned to assist Connecticut small businesses.  On May 13, a Reopen CT (3-4PM via Zoom) open discussion and Q&A with the Regional Administrator for New England for the SBA, Wendell Davis, SBA CT Interim District Director, Mark Hayward, and Joe Ercolano, State Director for SBDC.  The session is organized in part with the Windham Chamber of Commerce.  On May 15, a session on Business Resources, focusing on Financing Basics, The Process and Forgiveness, will feature CTSBDC advisor Denise Whitford in the first of a 2-part series with the Town of East Hartford to discuss the implications of the Payroll Protection Plan and how businesses can use this new federal program.  Additional online events are scheduled for later this month.

CTSBDC was created to help small businesses open, grow, and thrive. The Connecticut Small Business Development Center, with its lead state office in East Hartford, is funded in part through a cooperative agreement with the U.S. Small Business Administration, the Connecticut Department of Economic and Community Development and the University of Connecticut.  CTSBDC provides business advising to small business owners and entrepreneurs to start, grow and thrive in Connecticut. Business Advisors offer professional, confidential, and expert business advice for owners to overcome challenges and reach their goals.

Providing comprehensive business assistance is the CTSBDC mission, offering free resources, tools, and online trainings to offer business help along the way. Business Advisors provide geographic-based demographics, consumer spending data, market research, financial projections, and industry reports among its services, reflecting a dedication to enhancing Connecticut’s economic wellbeing and to build thriving communities.

For the latest on funding resources, and guidance from state and federal agencies, visit the COVID-19 Resource Center at www.CTSBDC.com/covid19-businessresourcecenter/