Senator Hwang Joins United States Small Business Association to Announce Access to Capital Event

May 14, 2024

FAIRFIELD – On Monday, May 14th, U.S. Small Business Administration District Director Catherine Marx invited State Senator Tony Hwang (R-Fairfield), US Senator Richard Blumenthal (D-CT), and multiple other local, state, and community leaders to announce their “Access to Capital Matchmaker: Funding for Small Businesses” event in partnership with the Connecticut Small Business Development Center on June 4th. It will occur at the Dolan School of Business at Fairfield University. Attendees will have access to private, scheduled meetings with loan officers to discuss their business needs and finances. They will be able to participate in loan application workshops and will receive information on free support available through the SBA. This event is completely free to all participants.

A 2024 Goldman Sachs study of 10,000 small businesses found that 77% of small businesses were concerned about their ability to access capital. In that same study, 70% of small businesses had less than four months of operating cash on hand. Early in a small business’ creation, it usually operates with capital from the owner’s personal savings, or with financial support from friends and family. After a while, to grow past the nascent stages, small businesses need access to additional funding in order to expand operations and grow in their community. But many small businesses struggle as they do not have access to public markets and face many barriers to obtaining bank financing. This event will give small businesses the chance to access much needed capital to expand their business, create jobs, and grow the economy.

“Small businesses are the backbone of our communities. This matchmaking opportunity is about connecting our visionary entrepreneurs, most of whom are locally and family-owned businesses, with financing to help them succeed. When they succeed, our communities succeed,” Senator Tony Hwang remarked.

“Capital makes for success of small businesses. This is really a bipartisan issue. Tony Hwang has been terrific on this, he is all over Fairfield,” said US Senator Richard Blumenthal.

“The SBA lending programs will lend as little as $500 and as much as $5 million. This event is for entrepreneurs at any stage of their business. Our loan programs can do lines of credit, they can do real estate acquisitions, and they can buy equipment,” SBA District Director Catherine Marx informed.

“I meet regularly with small businesses, and at the top of their lists, always, is access to capital. I encourage all small business owners to take part in this free event,” Fairfield Economic Development Director Mark Barnhart stated.
“Last year we had 80 or 90 ribbon cuttings. We had a lot of businesses coming into Fairfield. Our goal is to help our local business community and our chamber members. I want to thank the SBA for spreading the word on this fabulous program,” said Fairfield Chamber of Commerce President Beverly Balaz.