Borrowers’ Stories

Founded in 1861, Stamford Family YMCA is one of the oldest YMCAs in the country and provides a variety of services to the surrounding community. Stamford YMCA offers a pool, weight room and gym facilities, “but all of that is really meant to help provide afterschool care and summer camp for kids in Stamford who otherwise wouldn’t have any place to go,” explains board treasurer Peter Weiland.

“As a true inner-city YMCA, we don’t turn anybody away due to the inability to pay,” says CEO Shawn Patch. “We knew that families out there are hurting just like everybody else, and they’re working two to three jobs, and so they really need the afterschool care.”

Patch says the nonprofit’s membership rates were at an all-time high in March 2020. But the pandemic disrupted everything. “People stopped going to the gym, people stopped going to the pool, and those activities help provide the funding that we need to give the afterschool care and day camp for kids,” Weiland explains.

When Stamford YMCA’s leadership heard about the Connecticut Small Business Boost Fund, they thought it sounded too good to be true. But they applied and received a flexible, low-interest loan while other funding sources were taking longer than expected. “We were able to get the application process moving very, very quickly, and it really made a difference for us,” Weiland says.

The CT Boost Fund’s quick application process and fund disbursement allowed Stamford YMCA to keep the lights on and avoid a disruption in standard operations and payroll. Patch explains, “With that money, we were able to continue to give scholarships to these kids, so they weren’t going home alone. We are really appreciative of that.”

The Connecticut Small Business Boost Fund is designed to support businesses and nonprofits like Stamford YMCA. The CT Boost Fund offers flexible, low-interest loans with a fixed rate of 4.5% to businesses and nonprofits with fewer than 100 employees and an annual revenue of less than $8 million. Qualified business owners are matched with a community lender, who provides support and assistance throughout the application process.

Kamara Moodie is owner of Lil’ Sunshine Home Daycare in Bridgeport, Connecticut, a 24-hour child care facility that has been in operation for 16 years. It offers before- and after-school care and provides meals and educational services for up to 9 children at a time. Kamara is the primary child care provider at the facility, but she does have a long-time substitute and a staff of floaters that can fill in for her.

When Kamara first heard about the Connecticut Small Business Boost Fund, it was right as the program was being launched. And when she eventually took on a loan through the fund, it was the first time she had gone through the process.

Before she took on a loan, Kamara had received business support services that have helped her navigate the challenges of running a small business. Her advisors with the Connecticut Small Business Development Center made sure she was loan-ready before applying for the Connecticut Small Business Boost Fund, streamlining the process and making sure she had her financial documents in order.

Once ready to apply, Kamara worked with Pursuit, one of the community lenders supporting the program, to secure her loan. “It was smooth sailing,” Kamara says of the loan application process. “The entire staff was great.”

With the money she has received through the fund, Kamara plans to expand her business to a second location. Kamara says she would recommend the Connecticut Small Business Boost Fund to other small businesses that are looking to expand their reach.

“I’d tell people this is definitely a solid program,” she says. “The interest rate is low and it’s fixed. There’s no collateral. I don’t think there’s anything better than that. I could definitely see where people could benefit and grow from this.”

Willie Jones started YJ Cleaning & Maintenance in 2016 and has been providing janitorial work, construction clean-up and other services in and around the Hartford area. At one point, he was up to 18 staff members.

When the pandemic hit, Willie’s company was more in demand than ever, especially when he added COVID decontamination to his list of services. But he also needed a larger staff to meet that demand, which required more capital and resources.

“The more opportunities that come up, the more people you need. We fell behind a bit, and I don’t want to miss good opportunities because there’s still a lot of work out here,” he explains. “Business is great, but we’re still trying to catch up from three years ago.” 

Willie was connected to the Connecticut Small Business Boost Fund through the nonprofit Minority Construction Council, and he opted to receive free financial support services through the Fund. His advisors helped get his financial documents in order before applying for the loan, and they have also gotten him leads on new projects, provided clerical services and assisted with OSHA and other relevant trainings and certifications.

Since receiving the loan, YJ Cleaning & Maintenance has been able to maintain payroll, expand its scope and purchase cargo vans that can more comfortably transport a growing staff to areas beyond the company’s original reach.

“The loan was a lifesaver,” Willie says. “I think the Connecticut Small Business Boost Fund could help a business take their next step because some of the banks don’t give you a chance. We’re out here, we can grow with the right capital and guidance, and we can hire more people from the community.”