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Women’s Business Development Council

Company: Women's Business Development Council

Location: Stamford

Community Builder

Tell us about your community building activities in 2020?

The Women’s Business Development Council (WBDC) provided 8,000 hours of entrepreneurial training and financial education to small businesses across the state of CT and helped 235 clients access $7.23 million in capital. Additionally, WBDC provided grants to women owned businesses in all 8 counties throughout CT.

What community building goals did you accomplish or milestones did you hit in 2020?

A total of $924K in grants to 98 women owned small businesses in 52 towns across CT. Those grants supported the creation of 76 jobs. 30% of those grants went to minorities and 20% were in distressed communities.

Nominator Justification

Since the beginning of the pandemic, we have seen how difficult it has been for small businesses and entrepreneurs to sustain and grow. As we enter into the second year of the pandemic we especially have seen this virus significantly impact our economy has helped sustain, grow and create programming that caters to women and minority women owned businesses across the entire state of Connecticut. WBDC cultivates an open environment of support, equity stewardship and networking for their clients.

Program

Describe your program

The Women’s Business Development Council’s mission is to strengthen and support economic prosperity for women through entrepreneurial services that create and grow sustainable jobs and businesses across Connecticut. The organization offers business training, one-on-one business advising, and small business grant opportunities.

What are the coolest, most popular features of your program?

The Women’s Business Development Council provides free and low-cost entrepreneurial training and financial education to small business owners throughout Connecticut. Some of the most unique offerings include WBDC’s groundbreaking Grant Programs. 1. Equity Match Grant program, which offers grants up to $10,000 to qualified women-owned small businesses in Connecticut and 2. Childcare Business Support Program which provides grants specifically to support childcare businesses.

What impact did your program make in 2020?

WBDC provided over 8,000 hours of training, counseling, mentoring, and technical assistance to 1,856 clients in 2021. WBDC awarded 98 Equity Match Grants worth over $924K to women owned small businesses and nearly $2M in grants to 192 Childcare providers throughout the state.

Nominator Justification

Their programming specific to growing the potential of small businesses. They have several initiatives which help foster growth for business owners and networking: the Equity Match Grant Program, Childcare Business Support, and Mentorship programming. In the past year, 42 businesses were awarded grants as part of the Equity Match Grant program’s third round. Grants range from $2.5-$10k for projects with measurable impact and profitability.

Funding

Investor/funding source description

WBDC’s Equity Match Grant program was created to assist Connecticut’s women-owned businesses, especially disenfranchised populations, and those in distressed communities, providing grants of up to $10,000 to qualified applicants

How are you engaged/involved in funding CT ventures?

WBDC's Equity Match Grants have been awarded to businesses in all 8 CT counties with 20% of the grants going to minority owned businesses and 20% going to distressed municipalities.

What key milestones did you reach as an investor/funder or impact did you have in 2020?

In 2021 The Women’s Business Development Council funded a total of $924K in grants to 98 women owned small businesses in 52 towns across CT and contributed to 48 new job being created.

Nominator Justification

Now entering it's fourth round of Equity Match grant funding, so far they have awarded $924K to over 98 businesses since December 2020. WBDC has many generous donors and investors, however the large percentage of that money is reinvested into their small business clients. For every $1 invested in the company, .87 cents is reinvested into their program recipients. These grants can also be combined with matching grants from CT DECD, to go even further for business plan actualization.

Economic Development

Company/organization description

The Women’s Business Development Council (WBDC) supports economic prosperity for women and strengthens communities through entrepreneurial and financial education services which create and grow sustainable jobs and businesses across Connecticut. 

How are you engaged/involved in supporting/advocating for the CT entrepreneur ecosystem?

In 2021, 171 CT small business owners and advocates joined WBDC’s 7th Women-Owned Business Day, which is WBDC’s once-a-year event celebrating women-owned businesses and their impact in the state. WBDC meets regularly with municipal leaders, state legislators, members of congress and constitutional officers in the state to share its work, the challenges faced, and the impact of women owned businesses on Connecticut’s economy.

What improved in the CT entrepreneur ecosystem due to your involvement/advocacy in 2020?

WBDC helped 47 new businesses start across the state and supported additional businesses that created 234 new jobs. We supported 279 businesses to access $9 million in capital in 2021. And we provided over 8,000 hours of education to 1,856 clients in 2021. 45% of clients were from the Central region, 38% were from the Western Region and 17% were from the Eastern Region.

Nominator Justification

WBDC clients have generated $180M in gross revenues over 3 years including $9.75M in tax revenues to the state of Connecticut over 3 years. In 2021, they funded 86 businesses, awarding $807,531 to small businesses throughout all 7 CT counties and contributed to 48 new jobs. As of 2021 their reach has impacted all 169 towns in the state of Connecticut maintaining 8,100 jobs.

Education

Company/organization description

The Women’s Business Development Council (WBDC) supports economic prosperity for women and strengthens communities through entrepreneurial and financial education services which create and grow sustainable jobs and businesses across Connecticut. 

How do you train, educate or prepare entrepreneurs

Through workshops, one-on-one business advising, technical assistance, mentoring, and training programs, the WBDC is supporting business owners to launch and scale their businesses. WBDC also offers several on-demand training opportunities through a recently enhanced eLearning Library, allowing entrepreneurs to take classes at their own pace. In addition, WBDC has expanded opportunities for non-English speaking business owners, offering business advising and several training programs in Spanish

What impact did your program have in 2020?

WBDC provided over 8,000 hours of education to 1,856 clients in 2021, helping 47 new businesses start across the state and supporting additional businesses that created 234 new jobs. We supported 279 businesses to access $9 million in capital in 2021, including 98 WBDC Equity Match Grants worth $924K to women-owned small businesses in the state, $1.7M in WBDC Emergency Child Care Grants to 108 businesses, and $258K to 84 childcare businesses as part of the WBDC Child Care Incentive Program.

Nominator Justification

WBDC is an organization that is dedicated to providing the tools and resources to help women thrive in business. They provide classes, elearning, business advising and other resources for free to their clients. These services has impacted nearly 15,000 clients over the span of 25 years, and reach hundreds of businesses year over year. WBDC is the only agency in Connecticut reflective of the statewide demographic makeup offering comprehensive micro-enterprise training and services.

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