The Massachusetts Growth Capital Corporation has several grant programs for small business owners. They are:
The Biz-M-Power crowdfunding matching grant program offers small businesses in Massachusetts financial assistance with their acquisition, expansion, improvement or lease of a facility, purchase or lease of equipment, or with meeting other capital needs for the business. Eligible applicants will be empowered to advance their business with an innovative approach to obtaining capital. Through crowdfunding campaigns, these businesses connect with their local residents and stakeholders to advance projects that support economic success and transformation for their business and in their communities. This program is funded by the Commonwealth’s Operating Budget for Fiscal Year 2021.
Preference shall be given to low to moderate (LMI) brick-and-mortar small businesses owned by women, minorities, immigrants, non-native English speakers, U.S. military veterans, disabled individuals, members of the LGBTQ+ community, and businesses operating in Massachusetts Gateway Cities.
Massachusetts Growth Capital Corporation (MGCC) is pleased to announce that it is accepting applications for participation in the Fiscal Year 2022 (July 2021-June 2022) grant program. MGCC is seeking proposals for technical assistance for underserved small businesses in Massachusetts. MGCC will accept applications from not-for-profit organizations that currently provide technical assistance and training programs to small businesses and start-ups. These grants are intended to supplement the organization’s current and anticipated funding and not to be the primary funding support. If applying organization(s) currently receives, or will receive, funding from the Commonwealth of Massachusetts for its small business assistance program, articulate how those funds are being used and how funding from the Small Business Assistance Grant Program will not be duplicative.
Grant proposals shall identify specific counseling and training programs that assist these small businesses to:
Secure new or increased financing for growth.
Secure Empower Digital Grants (MGCC Program).
Kick-off crowdfunding campaigns through the Biz-M-Power grant (MGCC Program).
Achieve stability and viability.
Increase the economic vitality of the neighborhood, community, or region.
Considerations will be given to proposals designed to support businesses located in Gateway cities, and other under-resourced and low-to-moderate-income communities in Massachusetts. The Small Business Technical Assistance Grant Program will aim to support businesses that are minority-owned, women-owned, LGBTQ-owned, low-moderate-income individuals, U.S. Military Veterans, Cooperatives, and disable individuals. Multilingual Program offering are highly desirable.
The program is designed to complement and enhance traditional public and private small business assistance networks by providing technical assistance or training programs for under-resourced and disadvantaged businesses with 20 or fewer employees. The program seeks to facilitate economic stability and viability for small businesses by helping to improve their ability to navigate business operations in a post COVID-19 era, including ability to secure private and public financing, business grants, and micro-loans.
Grant funds are not intended to provide services geared toward prospective ventures. Therefore, at least 85% of the clients served by the grantee organization with these funds shall be for clients who are already operating an existing business or who are within twelve months of opening a new business.