(WTNH) – Governor Ned Lamont announced on Monday that the U.S. Treasury Department has approved Connecticut’s play to support entrepreneurs and small business growth with COVID recovery funding.

The approval gives the state up to $119.5 million in funding through the American Rescue Plan Act’s State Small Business Credit Initiative. The money will support underserved entrepreneurs across the state. It will also create jobs, promote equity, and catalyze green technologies.

“We are thrilled to accept SSBCI funding from Treasury and get it into the hands of small businesses, which are at the heart of Connecticut’s strong economy,” Governor Lamont said. “I thank the Biden administration and Connecticut’s Congressional delegation for providing this funding through ARPA to accelerate our COVID recovery.”

The money will be administered by Connecticut Innovations, which will launch two new funds:

The Connecticut Future Fund: Supports entrepreneurs from underserved and diverse backgrounds who lead small businesses in a variety of sectors

The ClimateTech Fund: Supports early-stage businesses with a focus on clean energy, environmentally safe manufacturing, and climate resiliency.