New Small Business Grant Program from the State of Massachusetts
Yesterday, the Baker-Polito Administration announced a $774 million comprehensive plan to stabilize and grow the Massachusetts economy. The plan focuses on getting people back to work, supporting small businesses, fostering innovation, revitalizing downtowns and ensuring housing stability. Part of the plan is a new Grant Program for Small Businesses.
Massachusetts Growth Capital Corporation (MGCC) is administering the Small Business Grants program, with $50.8 million available beginning today. Grant awards range between $25,000 – $75,000, and eligibility criteria and applications are available here.
As part of this grant program, preference is given to small businesses whose owners are women, minorities, veterans, members of other underrepresented groups, or focused on serving the Gateway Cities of Massachusetts, who have been unable to open and those most adversely impacted by the COVID-19 pandemic. Preference is also given to applicants that have not been able to receive aid from other federal programs, including PPP and other relief related to COVID-19.
The program has two distinct funding “doors” based on business size, with different eligibility criteria, which is available online. Applicants must review the information to determine which program to proceed with applying.
