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Microgrant Program applications will close March 9th

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Microgrant Program Criteria

Minimum Qualifications

Applicants must meet all of the following requirements to be eligible for the microgrant:

  1. Business Status:
    • Must be an existing business registered for at least one year.
  2. Ownership:
    • The business must be majority-owned (51% or more) by people of color.
  3. Location:
    • The business must be located in Hartford County.
  4. Annual Revenue:
    • Service-based businesses: Maximum gross revenue of $200,000 annually.
    • Product-based businesses: Maximum gross revenue of $350,000 annually.
  5. Business Quality:
    • The business must sell competitive, high-quality goods or offer high-quality services. (Applicants may be asked to provide samples or demonstrate quality standards.)
  6. Management Quality:
    • Financial records provided shows management competence and integrity.
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  7.  Grant Purpose:
    • Proposed expenditure should be for capital items (defined as a useful life of 5+yrs.) or construction.  Marketing and/or inventory will be considered if proposed in conjunction with capital expenditures.
  8.  High Impact:
    • The proposed use of funds demonstrates the likely effect of significantly increasing revenue or profits
  9.  Grant Size:
    • Request must be within program limits.  Preference for grant amounts at or below $5,000.
  10. Application Completeness:
    • The application must include:
      • A detailed explanation of the proposed use of funds.
      • Supporting financial documentation (e.g., bank statements, tax returns, or an explanation if unavailable).
      • Third party estimates, receipts, or price quotes for proposed expenditures.
  11. Publicity:
    • Applicants must be willing to be identified when the grant is publicized
  12.  Post-Grant Follow-up:
    • Grantees must provide proof of payment for expenses authorized

Additional Considerations

While not required, applications that meet these criteria will receive priority consideration:

  1. Geography: 

    • $8k of grants should be made within the Farmington Bank Foundation catchment area:  Avon, Berlin, Bloomfield, Bristol, Burlington, Canton, Farmington, Hartford, Newington, New Britain, Plainville, Rocky Hill, Simsbury, Southington, West Hartford and Wethersfield (highlights indicate their top priority areas)

  2. Barriers to Financing:
    • The business faces specific challenges to access other funding (e.g., bank loans, investor capital).
  3. Leveraging Other Resources:
    • The grant would complement other funding sources, such as equity, loans, other grants or donated resources
  4. Track Record:
      • The applicant has a prior working relationship with International Hartford or its affiliates.
  5. Profitability:
      • The business is currently profitable or breaking even.
  6. Balanced Distribution:
      • Consideration will be given to ensure geographic (within Hartford) and demographic balance among grant recipients.

Exclusionary Factors

Applicants will not be eligible if they meet any of the following criteria:

  1. Geography: 

    • The grant funds are intended primarily to cover past financial losses, tax delinquencies or debt repayment.

  2. Public Value Concerns:
      • The business engages in activities deemed to have questionable public value (e.g., head shops, gambling, package stores, illegal or unethical activities).
  3. Returning Customers:
    • Applicant is a prior IH micro-grantee.
  4. Conflict of Interest:
    • A conflict of interest exists for members of the grant screening panel or program staff, except for current International Hartford clients, who may apply.
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Approved Grant Uses

Grant funds must be used for expenses that directly contribute to the growth or scaling of the business. The following are approved categories for fund allocation:

  1. Equipment & Machinery:
    • Purchasing new tools, equipment, or machinery to improve operations.
    • Upgrading outdated or inefficient equipment.
  2. Technology & Software:
    • Investment in software (e.g., CRM, inventory management, accounting systems).
    • Development of e-commerce platforms or websites.
  3. Inventory & Supplies (limited):
    • Purchasing raw materials or expanding inventory offerings.
    • Preparing for seasonal or high-demand periods.
  4. Business Expansion & Renovations:
    • Renovating or expanding physical facilities.
    • Building additional storage or workspace.
  5. Marketing & Advertising (limited):
    • Creating marketing materials (e.g., brochures, signage, banners).
    • Investing in digital marketing campaigns or hiring professionals.
  6. Employee Training & Development:
    • Funding certifications, training programs, or team collaboration tools.
  7. Vehicles for Business Operations:
    • Purchasing or leasing vehicles essential for business activities.
  8. Research & Development:
    • Funding R&D for new products or services.
    • Developing and testing prototypes.
  9. Franchise or Licensing Fees:
    • Payment of franchise fees to expand business operations.
  10. Site/Property Improvements:
    • Upgrading infrastructure (e.g. buildouts, energy-efficient systems, security enhancements).

Note: Funds may not be used for routine operational expenses (e.g., utilities, rent payments, payroll).

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Application will close March 9th