New London — The 61 Bank St. building that for decades was home to Liberty Bank will house a new tenant in the coming weeks.

The Women’s Business Development Council, a nonprofit group founded in 1997 and dedicated to providing entrepreneurial and financial education services with a focus on women, plans to lease the street-level space in the building.

The group operates three Women's Business Centers, through the U.S. Small Business Administration's Office of Women’s Business Ownership, located in Stamford, New Haven and for the past five years at a 300 State St. office.

Women’s Business Development Council founder and CEO Fran Pastore said the organization had not only outgrown its current space but was in search of a location “in the heart of the business district.”

“We wanted a place to really be part of the community and part of the excitement,” she said.

The group has partnered with the city and is the recipient of a $256,000 grant through the federal American Rescue Plan Act.

The bulk of the grant will be used to fund the group’s Equity Match Grant program, which provides up to $10,000 grants for existing and startup businesses in New London, “projects that have a measurable impact on the business, its growth and profitability.” Applicants are required to provide a minimum 25% match. The WBDC provides technical assistance and support and business counseling.

Pastore said New London will benefit from the group’s expertise in reviewing and processing applications for the equity grants. The group also tracks use and results of the use of the grant money.

According to terms of the city grant, recently approved by the City Council, the group can use up to a $72,000 portion of the ARP grant to pay for administrative fees and overhead costs, including rent at the new Bank Street location. The city also has the ability to review and consult on parameters of how the WBDC funds are distributed.

Pastore said her organization is finalizing a three-year lease agreement with building owner David Preka and hopes to move in within the month.

Since it started its grant program in 2020, the Women’s Business Development Council has awarded 129 Equity Match Grants totaling $1.2 million — 30% to minority-owned businesses and 21% to distressed municipalities, Pastore said. The group has provided one-on-one training and counseling to hundreds more. Of the businesses awarded grants in the first two rounds of the program, 71% reported a growth in revenue, 56% reported a growth in profits and 76 new jobs were created, WBDC reports.

Liberty Bank closed in 2021. Public records show Preka purchased the two-story structure, built in 1905, for $380,000 on April 19. Preka, who also owns Muddy Waters Cafe, obtained a special permit from the city’s Planning and Zoning Commission earlier this month to change the use of the 61 Bank St. building from a bank to a mixed-use building. He plans to renovate the second floor and create four one-bedroom apartments.

Preka said he expects those renovations will occur over the next five months. He also owns and is working to renovate the building at 3-5 S. Water St., where he plans a nine-room boutique hotel. He was awarded a $450,000 grant from the Connecticut Communities Challenge Grant program toward that effort.

Of the Women’s Business Development Council, Preka said they are “great people.”

“It’s fantastic to have them as a tenant,” he said.

g.smith@theday.com