Gov. Ned Lamont held a press conference at New Park Brewing in West Hartford on Friday.

By Ronni Newton

Gov. Ned Lamont touted the success of the Small Business Boost Fund on a visit to West Hartford’s New Park Brewing on Friday afternoon – a business that has greatly benefited by using the low-interest loan program to hire full-time staff and expand its footprint to open a second event space.

“I love the Boost Fund,” said the governor, touting the public-private partnership for not being “free money,” and for its partnership with community lenders in the private sector that help build the types of businesses that are a cornerstone of the state’s economy and support businesses that may have previously experienced barriers to accessing financial support.

“I love the growth I’ve seen. I love the enthusiasm,” Lamont said.

A year ago, the governor announced the low-interest loan program for small businesses – those with fewer than 100 employees and revenues less than $8 million. In the past year, the Boost Fund has distributed $39 million in funds to 313 businesses across the state, Alexandra Daum, commissioner of the Department of Economic and Community Development, said Friday.

The state invested $75 million in the Small Business Boost Fund, with the goal of lending $150 million or more to eligible businesses and nonprofits to be used for capital expenditures, working capital, and business advice. Daum said they are pleased that in the first year of the five-year program, $39 million has been distributed to a “wide array” of businesses and sectors that include manufacturing, retail, construction, and services.

“Businesses in more than 50% of Connecticut’s municipalities have received a loan,” Daum said, and roughly 33% of the funds have been distributed in distressed municipalities, following one of the goals of the program which was to support businesses in low-income or historically underserved communities.

“We’re really focused on making sure we are reaching diverse entrepreneurs,” she added, and more than 50% of the loans have gone to women- or minority-owned business as well.

Daum also emphasized the benefit of the program being a public-private partnership – 50% state money and 50% from the private sector. “It’s enabled us to give out more loans,” she said.

Daum also praised New Park Brewing for continuing to thrive, even through COVID. She said she was among those who bundled up to enjoy New Park’s brews outdoors during the pandemic.

“We’re very grateful for the Connecticut Small Business Boost Fund program,” TJ Orscher, New Park Brewing’s general manager, said, not just for the loan money, but also for the assistance and advice. “Throughout the process we received tremendous support from everyone involved.”

Orscher said the fund has “empowered us to expand our distribution, which has allowed us to bring beer to our customers and other small businesses throughout the state … Aside from making great beer, private events have been a main focus of ours for the past couple of years with our private event space, the Barrel Room, opening in December 2020.” That space has been the site of weddings, corporate events, showers, birthday parties, and other celebrations.

The Boost Fund gave New Park Brewing the ability to create a second event space – the Green Room, named as a nod to the space where artists hang out before or in between performances. The Green Room, which is where the press conference was held, is almost twice the size of the Barrel Room and allows New Park Brewing to accommodate larger events and host national performers.

“Also, the Boost Fund has enabled us to hire three full-time employees, giving us 10 full-time employees and 21 part-time employees overall.”

The goal of New Park Brewing “is to create a space for the community to come together and create positive lifetime memories. This Boost Fund helps us to do that,” Orscher said, noting how grateful they are for the support of all.

Mayor Shari Cantor noted that the Town Council was spurred to consider and pass an ordinance to allow breweries in West Hartford because of New Park Brewing. “We’re so proud of the progress that they’ve made, expansion and creativity, all of the things they’ve added to our community and to so many people in the region. It’s an incredible gathering space,” she said.

“It is so important to have that linear support,” Cantor said, the state’s support of small businesses.

“Every time I come to New Park there’s been something new,” state Rep. Kate Farrar (D-20th District) said. New Park Brewing is in her district, and she said the brewery – which opened in March 2017 – has been a major part of bringing the corridor to life, helping spur development of housing, retail, transportation, and other businesses.

The goal will be to continue to expand the program, particularly on a geographical basis, Daum said.

The “one-stop shop” process for applying for a loan starts online at CTSmallBusinessBoostFund.org. Small businesses and nonprofits that qualify will then be matched through a lender.

“With interest rates on the rise, I strongly encourage anyone interested in a small business loan to apply for a fixed, low-interest rate loan through the Small Business Boost Fund,” Daum said.

Officials noted that the Boost Fund works with and through local community development financial institutions (CDFIs) with decades of experience in the state’s communities and serving these constituencies – including Ascendus, Capital for Change, CEDF, HEDCO, NDC Community Impact Loan Fund, Pursuit and Southeastern CT Enterprise Region (SeCTer).

 

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