Grants may cover up to three months of operating expenses
The Commonwealth of Massachusetts has made $75,000,000 available to support small businesses negatively impacted by the COVID-19 pandemic. This program targets businesses that focus on reaching markets predominantly made up of socially and economically disadvantaged and historically underrepresented groups; underserved markets; and businesses owned by minorities, women, veterans, immigrants, first-generation immigrants, disabled individuals or those that identify as part of the LGBTQ+ community.
The Massachusetts Growth Capital Corp. will administer grants up to $75,000 for eligible small businesses, in a geographically equitable manner.
The CTI E-Center also provides coaching in many forms and works with partners including SCORE, EforAll and other small-business consultants. It is an authorized provider of SBA Microloan products, which provide funding for small-business owners in the Entrepreneurship Center service area, which includes Tewksbury. SBA Microloans provide up to $50,000 for up to six years at an initial rate of 7.75%, reduced to 5.25% after completing 20 hours of business coaching. It recently launched its first QuickBooks training program.
The current MGCC project is being supported by federal money awarded to the state by the U.S. Department of the Treasury. These funds were appropriated through the Commonwealth’s FY2023 Economic Development Bill.
A business and/or business owner will be ineligible for this grant program if they have received a grant from MGCC in 2022 or 2023, with the exception of a grant from Biz-M Power or Empower Digital, including:
- New Applicant Grant Program
- Inclusive Grant Program
- 2023 Inclusive Funding Opportunity
To download and review full details on the program’s rules and eligibility requirements, click here.