8 Black-Owned New Haven Businesses Each Receive $10K Grants

NEW HAVEN, CT —The Connecticut Community Outreach Revitalization Program’s Economic Justice Fund announced Tuesday the eight Black-owned businesses that received a grant of $10,000.

The recipients announced today are the Anchor Spa, Opal Stork Home Care, Get Em Boy Boxing, Threads by Tea, Green Elm Construction, Tia Russell Dance Studio, New Haven Fire Stop, and the Vegan Ahava.

The Economic Justice Fund was developed to support small businesses through COVID-19 recovery and technical assistance while funding a cadre of Black businesses that are economically resilient to withstand economic recessions as well as being wealth and wage generators for their owners, employees, and the community at large.

“This is a game-changing level of support and opportunity for us," Tea Montgomery, founder of Threads by Tea, said. The business is a "bespoke wearable art business, designed with the mission to inspire and empower."

“The consulting portion alone will help us strategize and scale the business in a way where we can positively affect the most lives with our wearable art,” Montgomery said.

The eight businesses received up to $10,000 in grant funding depending on assessed need. The Economic Justice Fund fund will also provide CTNext sponsored technical assistance of up to $15,000 in the form of identified consultants in areas such as marketing, financial/accounting, new product development, legal, web design, and communications and public relations.

Businesses will also be able to take part in ConnCORP’s Economic Impact Lab and participate in program offerings and resources. ConnCORP worked with trusted business and community partners to solicit referrals to established Black-owned businesses. Businesses were able to apply directly for the grants through ConnCORP’s website.

"The businesses we are helping through ConnCORP's Economic Justice Fund are the backbone of our community. These enterprising businesses have shown courage, determination, and innovation through a challenging year,” said Anna Blanding, Chief Investment Officer of ConnCORP.

"We are proud to be giving these Black-owned businesses some of the support they need to propel their entrepreneurial journey and ensure they are doing important work in our communities for years to come," she said. "Black entrepreneurship is a key lever for change in the Black community and we know that there is no shortage of innovative ideas being developed right here every day.”

According to the Federal Reserve Bank’s Small Business Credit Survey, more than 40 percent of Black-owned businesses closed during 2020 due to the COVID-19 pandemic, because they lacked “resilience” or the ability to withstand major economic shocks. This is due to a lack of financial capital, product differentiation (especially online), low-margin industries, and a lack of social networks.

“We are honored to receive this grant from ConnCORP,” Anchor Spa principal Karl Franz Williams said. “We admire ConnCORP's mission and purpose and are looking forward to supporting its mission and our New Haven community.”

The Economic Justice Fund was initially launched in the summer of 2020 with a commitment to give $600,000 to families in the Newhallville and Dixwell neighborhoods for basic needs.

“We at Opal Stork are honored to receive this grant from ConnCORP,” said Sandra Salmon of Opal Stork Home Care. “This is affirmation and a motivation for us to push a little bit harder in our commitment and passion to provide the highest quality care in our community.”

As developed, the Economic Justice Fund will initially fill this gap for established businesses, and then may select businesses to benefit from larger forms of capital in the form of loans, revenue sharing, and other equity investments.

"The ability for businesses in our community to access capital to sustain their work is a vital part of building a more just and thriving future for those who need support the most," said Erik Clemon, Executive Chairman of ConnCORP. "The black-owned businesses we are helping today are a large part of that future. Providing access to funding, especially in a year so challenging as this past one, is crucial for making sure our economic leaders flourish. This is just one piece, and just the start of our work to reinforce the entrepreneurial efforts of our community."

While many programs address the ideation and incubation stages of entrepreneurship, there is a lack of resources for established businesses and even fewer to help established Black businesses. Given the racial wealth gap in America between Black and white households, ConnCORP understands that there are fewer opportunities for Black business owners to lean on a social safety net when experiencing financial or economic troubles. The combination of these two socio-economic factors results in Black businesses being less stable at every stage.

ConnCORP seeks to drive economic development in the Dixwell and Newhallville sections of New Haven by investing in local commercial and residential real estate. The objective is to deliver well-planned multi-use real estate investment, which can help stabilize the local economy, provide affordable goods and services, and create local jobs.