COVID-19 and the Impacts on Small Business Week

Categories: Press Release   |  

May 5, 2020: For the past 57 years, this week in May has focused on the strength and vibrancy of the millions of small businesses across the U.S. Although the official celebration of the event has been postponed, the effects our small businesses have on our economy continues to deserve our attention.

To help our small businesses regain their strength, the Connecticut Small Business Development Center (CTSBDC) continues to advise small businesses across the state as they navigate the impact COVID-19 has had on their businesses. Our advisors have worked with over 1700 clients from March 1 – April 30, helping them to secure, with our 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.

CTSBDC works with our national partners to ensure our clients have access to all of the federal and state funds that are available. Through our  connection to the SBA and other federal entities, and the Connecticut Department of Economic and Community Development, we ensure that our clients are aware of the opportunities and able to comply with the regulations set in place for these businesses. We understand the complexities of the application process and help to ease that burden on 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 looks to reopen in phases, our experienced advisors are available to help businesses chart their next steps. From managing cash flow to adapting their business model, our advisors are here to help small business adjust to this new way of doing business at this time.

“In order to be able to assist the thousands of small businesses impacted,” stated 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.

The CTSBDC was created to help small businesses open, grow, and thrive. The importance of shopping small and supporting local business has never been more relevant. CTSBDC is here to help. Our advisors have been working non-stop with established and new clients to help them adjust to this new normal.

To provide more context and insight into how Connecticut businesses are responding please contact Meghan Brennan, Communications Manager, CTSBDC at (860) 634-4435.

About the Connecticut Small Business Development Center
The Connecticut Small Business Development Center (CTSBDC) provides business advising to small business owners and entrepreneurs to start, grow and thrive in Connecticut. Our Business Advisors offer professional, confidential, and expert business advice for owners to overcome challenges and reach their goals.

Providing comprehensive business assistance is our mission, and we have the free resources, tools, and online trainings to offer business help along the way. Our Business Advisors provide geographic-based demographics, consumer spending data, market research, financial projections, industry reports and so much more! We are committed to enhance Connecticut’s economic well-being and build thriving communities. Contact us today!

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