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Economic Development News & Updates in
Greater New Haven
Funding Opportunity Available Through the DECD Under the CT Communities Challenge Grant Program
The State of Connecticut’s Department of Economic and Community Development (“DECD”) is offering a competitive grant application process to fund multiple projects under the CT Communities Challenge Grant Program (the “Program”). The goal of the Program is to improve livability, vibrancy, convenience and appeal of communities throughout the state, and create approximately 3,000 new jobs. Applicants will be awarded grant funds anywhere between $1M and $10M per project for projects such as:
  • Transit-oriented development that densifies commercial and/or residential land uses near transit hubs;
  • Downtown / major hub development that improves or reuses existing property;
  • Essential infrastructure that facilitates future development;
  • Housing to support affordability, accessibility and local workforce;
  • Mobility improvements that increase connectivity to transit and promote economic activity, including pedestrian, ADA, and bicycle improvements; and
  • Public space improvements that provide amenities to the community, including open spaces, public art projects, wayfinding, and lighting and safety improvements.
CT affordable housing program has new guidance for developers
New guidance for one of Connecticut’s leading programs for creating affordable housing aims to give developments in underserved communities a better chance at receiving funding.

The state’s Housing Finance Authority recently released updated guidelines — called a qualified allocation plan — for its $10 million low-income housing tax credit program. The guidelines now include a pre-application process, updated distinctions between preservation and construction projects and new sustainability measures for projects. Read More
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CT office of SBA, on record-setting lending tear, promises to redouble minority outreach
The Small Business Administration’s impact on businesses over the past two years would be difficult to overestimate.

The Connecticut District Office of the SBA recorded over $368 million in lending to small businesses through more than 768 traditional loans during fiscal year FY2021 (October 2020 to September 2021) – its highest volume in over five years.

Among the newly released data:

  • $294 million in 7(a) loans supported 632 small businesses. The highest approved 7(a) loan volume in the past five years (FY 2017-2021) represents a 78% increase over $165 million in volume for FY2020.
  • $71 million in 504 loans supported 86 small businesses. The highest approved 504 loan volume in the past five years (FY2017-2021) was a 79% increase over $40 million in volume for FY 2020.
  • $1 million in Microlending Loans funding supported 41 small businesses.61% of microlending loans went to underserved communities including Asian-Owned, Black-Owned and Hispanic-Owned Small Businesses.
New paid internship program aims to develop bioscience talent
Area bioscience companies have joined forces to launch an internship program with a goal of developing and attracting new talent.

The new program, dubbed SPRINT, stands for “Student Program to Ready Interns for Next-generation Talent.”

The goal is to provide more than 100 paid jobs in the life sciences industry in the summer of 2022. The program is geared toward students who are attending colleges and universities in Connecticut, or for students with ties to the state.

Both emerging and established life sciences companies are participating in the internship program. Interested students can obtain internships for various roles, from scientific to finance to administrative positions. Read More
More News & Events
Connecticut renters facing eviction can get free legal services in 2022 Read More

Conn. Monitoring for New COVID Variant Omicron: Gov. Lamont Read More

December 1 2:00 p.m. Government Contracting and Procurement presented by SBA Read More

December 2 8 a.m.-2 p.m. The 2021 Connecticut Economic Development Summit Read More