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Connecticut launches $875M fund for economic development initiatives in underserved communities

May 26, 2022

Connecticut Gov. Ned Lamont launched the Community Investment Fund 2030 (CIF), a five-year grant program of up to $875 million to foster economic development in historically underserved communities across Connecticut. Eligible projects include capital improvements as well as small business support programs that provide revolving loans, gap financing, microloans, or start-up financing.

The first round of funding will provide a target of up to $75 million in total funding, with a minimum individual project size of $250,000. The CIF board anticipates two rounds of funding per year for five years. The CIF will be administered by the state Department of Economic and Community Development and overseen by a 21-member board that will review applications and make recommendations to the governor, who will approve and forward applications to the State Bond Commission.

The deadline to submit applications is July 25.

Connecticuteconomic development, grants