The Power of Partnership: How Libertas's Accelerate Grant Program is Helping Connecticut's Women Entrepreneurs Scale Their Businesses

After attending the annual WBDC Gala 2 years ago, Libertas’ Founder and Executive Chairman, Gary Katcher, was so impressed with Fran Pastore its founder and the incredible impact they were making with women entrepreneurs, he knew he wanted to be involved. And from that moment, a bold new vision emerged: the Libertas Accelerate Grant program, a targeted initiative designed to help women entrepreneurs in Connecticut take their businesses to the next level.

The program, which provides $25,000 grants to selected women-owned businesses, represents a significant expansion of WBDC's existing grant offerings. While WBDC's established Ignite Grant program offers grants up to $10,000, the Accelerate Grant specifically targets past Ignite recipients who are ready to scale their operations. This tiered approach ensures that grant recipients have already demonstrated their business acumen and are prepared to make effective use of larger capital infusions.

Trish Havey, Chief Human Resources Officer at Libertas, who now serves on WBDC's board, remembers that "Gary had a million ideas as to how we could potentially participate. And that's where the Accelerate Grant was born."

The selection process for Accelerate Grant recipients is rigorous and multi-layered. WBDC first reviews all applications, narrowing the field to 20 candidates who demonstrate the strongest potential and need. These applications are then divided between two teams of Libertas volunteers, each reviewing 10 applications. The teams select finalists who advance to a pitch night, where entrepreneurs present their business plans in person.

The evaluation criteria balance business fundamentals with broader social impact. "We try to select companies that we believed were going to create more jobs or give more to the community," explains Gabriela Rosado, who served as one of the judges. While some applicants may need assistance with formal business planning or financial documentation, WBDC provides support to help entrepreneurs present their best case.

David Waill, who has participated in both the Accelerate and Ignite grant selection committees, emphasizes that the evaluation goes beyond pure financial metrics. "It's super easy for us to look at a bunch of grant applications and just filter them on credit," he notes. "But if you just filtered on credit, you would reject a lot of them. It was really enjoyable to be able to consider the social impact overlay when making these decisions."

The inaugural group of Accelerate Grant recipients reflects this balanced approach. Among the successful applicants was a healthcare provider focused on pediatric pelvic health, addressing an underserved medical need. Another grant went to a pet supply store seeking to diversify its revenue streams by adding self-service dog washing stations, demonstrating the kind of innovative thinking that can help traditional retail businesses compete in the digital age.

The program represents a $250,000 commitment from Libertas, with plans already in place to continue the initiative next year. The current round has awarded four $25,000 grants, with three more to be distributed at an upcoming event coinciding with Women's Entrepreneurial Day in Hartford.

Beyond the direct financial support, the Accelerate Grant program has sparked broader engagement between Libertas and WBDC. Libertas employees have volunteered their expertise in various capacities, from serving on grant selection committees to participating in educational panels. For example, Jackie Gallagher, a senior Libertas underwriter participated in a panel discussion on alternative financing options, while Denise Jacob, Libertas’ Chief Information Officer, has offered to provide cybersecurity training for small business owners.

At WBDC's recent gala, the organization proudly reported that the vast majority of grant recipients have shown growth in revenue, profit, or employment.

The initiative reflects a growing recognition of the unique challenges faced by women entrepreneurs, particularly in accessing growth capital. By providing substantial grants specifically targeted at scaling businesses, the Accelerate Grant program helps bridge this gap while fostering economic development in Connecticut communities.

For Libertas employees involved in the selection process, the experience has been personally rewarding. "I like mentoring and the assistance that we are able to provide," says Waill. "It was really enjoyable to be able to layer in the societal benefits aspect to the selection process." This sentiment is echoed by other participants, who appreciate the opportunity to support local entrepreneurs while bringing their professional expertise to bear in a new context.

As the program continues to evolve, it stands as a model for how financial institutions can leverage their resources and expertise to support local economic development. Through the Accelerate Grant program, Libertas is not just providing capital – it's helping build stronger businesses, creating jobs, and strengthening communities across Connecticut.

The success of this initiative demonstrates that when private sector expertise meets community need through thoughtful partnership, the impact can extend far beyond the initial investment. For the women entrepreneurs who receive these grants, it's not just about the money – it's about having their potential recognized and receiving the support they need to turn their business dreams into reality.