Connecticut is adding $200,000 to a program that provides small loans to women and minorities who are starting or expanding businesses.
Since its inception in 1999, the Micro-Loan Guarantee Program for Women- and Minority-Owned Businesses has loaned $3.5 million to 115 businesses and helped create 2,557 full- and part-time jobs.
There are more than 110,000 businesses in the state owned by women and minorities and they account for 136,000 employees.
The micro-loan program is administered through the Community Economic Development Fund (CEDF) and guaranteed by the Department of Economic and Community Development. Funding is provided through the Economic and Manufacturing Assistance Act Program.
