Economic Development News & Updates in
Greater New Haven
SBA Administrator Guzman Enhances COVID Economic Injury Disaster Loan Program to Aid Small Businesses Facing Challenges from Delta Variant
U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman announced major enhancements to the COVID Economic Injury Disaster Loan (EIDL) program, a federal disaster relief loan designed to better serve and support our small business communities still reeling from the pandemic, especially hard-hit sectors such as restaurants, gyms, and hotels. The SBA is ready to receive new applications immediately from small businesses looking to take advantage of these new policy changes.
Key changes being announced by the SBA include:

  • Increasing the COVID EIDL Cap. The SBA will lift the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying debt.
  • Implementation of a Deferred Payment Period. The SBA will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet.
  • Establishment of a 30-Day Exclusivity Window. To ensure Main Street businesses have additional time to access these funds, the SBA will implement a 30-day exclusivity window of approving and disbursing funds for loans of $500,000 or less. Approval and disbursement of loans over $500,000 will begin after the 30-day period.
  • Expansion of Eligible Use of Funds. COVID EIDL funds will now be eligible to prepay commercial debt and make payments on federal business debt.
  • Simplification of affiliation requirements. To ease the COVID EIDL application process for small businesses, the SBA has established more simplified affiliation requirements to model those of the Restaurant Revitalization Fund.
CT Brownfields - Notice of Funding Announcement, Round 14 Grant
The CT Dept. of Economic and Community Development’s (DECD) Office of Brownfield Remediation and Development (OBRD) announces the availability of $17 million in grant funding for eligible remediation and redevelopment projects under the Round 14 Municipal Grant Program.

Applications are due by 3:00 PM on Friday, October 22, 2021.

Click here for the detailed announcement, the Notice of Funding Availability, the Application Form, and Frequently Asked Questions. 
National Preparedness Month
National Preparedness Month (NPM) is an observance each September to raise awareness about the importance of preparing for disasters and emergencies that could happen at any time. The 2021 theme is “Prepare to Protect. Preparing for disasters is protecting everyone you love.”

For the first time in its history, the Ready Campaign, in partnership with the Ad Council, identified the Hispanic community as a key audience, and will launch a series of Public Service Advertisements specifically designed to encourage preparedness within the underserved demographic.

  • Make A Plan
  • Build A Kit
  • Low-Cost, No-Cost Preparedness
  • Teach Youth About Preparedness
Preparedness Month Ready Logo
Yale’s Soderstrom, an architect of New Haven’s bioscience ecosystem, calls it a career
Jon Soderstrom has spent the last quarter-century waiting for Greater New Haven’s bioscience industry to catch up with his vision.

Since being recruited to lead Yale’s Office of Cooperative Research in 1996, Soderstrom has played a leading role in building an ecosystem that he hoped would one day put New Haven on the map as a nationally recognized biotech hub.

It appears to him that moment is about to arrive. Consider the evidence, he said, ticking off a list of recent headlines.

  • A $93 million IPO for rare disease biotech Rallybio.
  • AstraZeneca’s eye-popping $39 billion buyout of Alexion Pharmaceuticals.
  • The Wall Street debut of two medtech startups launched by bioscience entrepreneur Jonathan Rothberg.
  • Pfizer’s $1 billion investment in Arvinas’ experimental breast cancer drug.
  • A developer breaking ground on a new downtown bioscience tower.

“People used to laugh and say ‘How are you going to do all this stuff?’ ” Soderstrom said in a recent Zoom interview from his home office in Madison. “And now it’s actually happening.” Read More
New Haven developer proposes 500 new apartments on city's waterfront
There certainly would be water views.

More apartments are being proposed for the city, this time along the harbor off Long Wharf Drive.

Lynn Fusco of Fusco Harbor Associates LLC and Fusco Maritime Associates LLC has submitted a petition to the Board of Alders to modify a Planned Development District approved in 1984 to allow construction of up to 500 units on a parcel bound by New Haven Harbor and Long Island Sound.

The proposed site is on the south side of Long Wharf Drive on 4.3 acres between the Fusco’s Maritime Center and the Canal Dock Boathouse, on land that was home to a series of restaurants, the most recent being Lenny and Joe’s. Read More
More News & Events
Portable MRI provides life-saving information to doctors treating strokes Read More

Metro-North Adds Train Service to New Haven Line Read More

New home decor retailer coming to Universal Drive in North Haven Read More

9/23 noon-1:30 p.m. Yale Innovators Dolphin Tank Read More

9/28 5 p.m. Annual Celebration of ManufactureCT Read More

10/4 11 a.m.-2 p.m.Quinnipiac University Wide Career Fair! Read More