Company partners with Main Street America to provide grants of $5,000 to $15,000 to small businesses with 20 or fewer employees that have a brick-and-mortar presence in a community commercial district
Fifty percent of the funds will benefit diverse-owned businesses
The Hartford committed $1 million in grants to support U.S. small businesses in partnership with Main Street America, a non-profit organization dedicated to strengthening communities through preservation-based economic development.
The Hartford will sponsor grants ranging from $5,000 to $15,000, as administered through Main Street America, to help businesses with a variety of COVID-related hardship improvements, including storefront modifications, technology to enable online sales, and other operating model adjustments. Eligible businesses include those which employ 20 or fewer employees and maintain a brick-and-mortar presence within their community’s commercial district. A minimum of 50 percent of grants will benefit diverse-owned businesses, defined by the Small Business Administration as minority, female, veteran, disabled and/or LGBTQ-owned.
"The incredible resilience and innovation our small business customers have shown as they’ve adapted to a new normal has been inspiring," said Stephanie Bush, head of Small Commercial and Personal Lines for The Hartford. "We are committed to providing them with support as they continue to navigate these challenging times."
Social distancing orders and the onset of various state-to-state reopening plans have left small businesses vulnerable. A recent survey by Main Street America found that 78 percent of respondents had applied for federal relief associated with COVID-19 and only 48 percent of those had received funding. Small businesses –those with fewer than six employees- had the least success obtaining relief, only 39 percent received funding.
"COVID-19 has had a devastating impact on small, locally-owned businesses and they need our support like never before," said Patrice Frey, president and CEO of the National Main Street Center. "We are thrilled to partner with The Hartford to alleviate some of the financial burden small businesses are experiencing and support the resilience and recovery of older and historic Main Streets and commercial districts."
To learn more about eligibility requirements and to start a submission, applicants can visit www.mainstreet.org/hartbeat.
The Hartford has been insuring small business owners for more than 200 years and was one of the first carriers to create a dedicated business unit for small commercial customers more than 30 years ago. The company, along with its agents, serves more than one million small business customers.
About The Hartford
The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com. Follow us on Twitter at @TheHartford_PR.
The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. For additional details, please read The Hartford’s legal notice.
About Main Street America
Main Street America™ has been helping to revitalize older and historic commercial districts since the late 1970s. Today, it is a movement of more than 1,800 member organizations and individuals who share both a commitment to place and to building stronger communities through preservation-based economic development. Main Street America is a program of the nonprofit National Main Street Center, Inc., a subsidiary of the National Trust for Historic Preservation.
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our 2019 Annual Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
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