The Milford-based Black Business Alliance announced a $100,000 federal grant on Tuesday intended to fund a new program in support of Black-owned companies.
U.S. Sen. Richard Blumenthal was scheduled to announce the awarding of the grant, funded through the Small Business Administration, at the organization’s headquarters in the Connecticut Post Mall.
The funding will bolster the organization’s “Black Business Funding Superhighway,” offering growth-stage companies access to capital and technical support including financial literacy training, loan application support and networking opportunities, according to a statement.
The program also helps startups navigate the pre-loan submission process and provides post-loan technical assistance and follow-up.
The Black Business Alliance centralized its operations into a new state headquarters at the Milford mall earlier this year.
The new offices include offices, co-working areas, meeting space and retail outlets featuring items like African jewelry and clothing by local designers.
Contact Liese Klein at lklein@newhavenbiz.com.
