Bridgeport, CT— Today, Mayor Ganim announced two allocations of American Rescue Plan dollars that will go to build capacity of our small businesses and local workforce. One-time awards of $250,000 were announced for the Community Economic Development Fund (CEDF) for the creation of a small businesses revolving loan program and Emerge CT for the expansion of their social enterprise focused on re-entry and workforce development to the City of Bridgeport. The intent of these awards was to create programs that would support our residents and be self-sustaining in the years to come.

The Community Economic Development Fund is a 501(c)3 non-profit, a U.S. Treasury-certified Community Development Financial Institution, and Connecticut’s number one SBA microlender for 11 consecutive years. CEDF will put $200,000 into a revolving fund which will be lent to small, Bridgeport-based businesses with owners who are low to moderate income. Eligible businesses may be provided loans or lines of credit of between $5,000 and $100,000. Money that is repaid at interest to the fund by these businesses will be used to provide loans and lines of credit to other eligible Bridgeport businesses going forward. The remaining $50,000 of the award will be used to provide pre and post-loan counseling to these small businesses, as well as a targeted business plan. Services will be provided in both English and Spanish. 

EMERGE CT is a 501(c)3 non-profit that provides both paid work and soft skills training to second chance and at-risk individuals in the community. EMERGE is a “social enterprise” that generates a significant amount of its total revenue through bidding on and getting paid for jobs that its crewmembers perform. This revenue is used to pay crew members, pay for business-related expenses, and fund support services for its participants. Emerge CT provides participants with experience and paid work in areas like construction, demolition, landscaping, green infrastructure, urban forestry, and property management. Emerge pairs that paid work with trauma-informed support, including soft skills needed in the workforce, educational opportunities, and emotional and mental health support.

“I am proud to announce the partnerships that the City of Bridgeport is creating with CEDF and EMERGE CT,” stated Mayor Ganim. “These ARPA allocations will be deployed in a way that builds the capacity of our small businesses and our local workforce. And most importantly, these programs will have a sustained impact in Bridgeport over the years to come. I am confident that many in Bridgeport will benefit from these partnerships.”

“The Small & Minority Business Enterprise Office is grateful to CEDF for agreeing to partner with us in an effort to build the capacity of our local, Bridgeport-based businesses,” stated Fred Gee, Director of the SMBE Office. “This is a unique opportunity for our small businesses to both access capital and get small business counseling at the same time. I look forward to the great work that my office and CEDF will do over the coming years to help our local small businesses thrive.”

“As we wind down in available ARPA dollars, I think it’s important to spend these funds in ways that we will see lasting impact beyond this one-time allocation,” stated Aidee Nieves, City Council President. “I am glad to see that we are investing these dollars in building the capacity of our residents and businesses. It is my hope that both the CEDF revolving fund and the establishment of the Emerge social enterprise in Bridgeport will continue to serve Bridgeport residents for many years to come.”