Stamford’s Women’s Business Development Center (WBDC) has been certified as a microlender to female-sponsored enterprises and immediately won financial backing from Glastonbury’s United Bank.
WBDC President/CEO Fran Pastore announced Monday that the U.S. Treasury Department recently approved its application as a financial lender, operating as WBDC Capital.
In support, United Bank announced a $100,000 equity investment into WBDC’s micro-loan fund, priming the pump for more capital contributions for the startup, officials said.
“Today, we announce our campaign to fund WBDC Capital,’’ Pastore said, “which will be the first loan program of its kind in the state and region run by women for women. Greatly underserved are loans between $2,500 and $10,000 – which is often the needed seed or expansion dollars for small businesses. We will meet that need.”
WBDC claims that over the past year, its clients have launched or expanded 395 new businesses, and maintained or added close to 900 Connecticut jobs, resulting in $5 million in additional tax revenue to Connecticut’s economy.
For more information, visit ctwbdc.org.
