MGCC Awards $750,000 in Small Business Technical Assistance Grants
$750K Awarded for Business Assistance from Nonprofits Serving Immigrants, Communities of Color (The Telegram & Gazette)
MGCC Awards $750,000 In Small Business Technical Assistance Grants In Massachusetts (Massachusetts It's All Here)
Thirty Mass. Nonprofits Receive $735K to Spur Business Growth (Mass Non-Profit News)
(Worcester, MA) On Monday, Massachusetts Growth Capital Corporation (MGCC) announced $750,000 in small business grants to support 30 non-profit organizations across the state. MGCC conducts a competitive process each year to award grants through the Small Business Technical Assistance Grant Program to expand economic and entrepreneurial opportunity throughout the Commonwealth.
"These local investments have a real impact on job creation and economic activity across the Commonwealth," said Larry Andrews, President of MGCC. "This year’s grants will provide funding for non-profits to support and strengthen inclusive small businesses by increasing business management skills.”
Over 40 small business owners, non-profit organizations, and business development leaders met at the Southeast Asian Coalition of Central Massachusetts in downtown Worcester to award the grants and meet with many of the recipients.
The grants range from $10,000 - $50,000 and will enable local organizations to provide individualized business management assistance, financial training, microloans and loan packaging services to small businesses, with a focus on underserved communities and Gateway Cities in Massachusetts.
Nam Pham, Assistant Secretary of Business Development & International Trade of the Massachusetts Executive Office of Business Development noted the need to spur economic activity among underserved populations and across all parts of the Commonwealth, “Small businesses drive our state’s job growth. We need to make more progress in Gateway Cities and among our state’s diverse communities. These assistance grants support business development and job creation, helping to bring economic opportunity to every region of the state.”
Massachusetts Growth Capital Corporation (MGCC) creates and preserves jobs at small businesses, including women, immigrant, veteran and minority owned businesses, and promotes economic development in underserved, Gateway Cities and low and moderate income communities. MGCC is a central state resource that offers working capital, loan guarantees, and targeted technical assistance to solve specific financial and operational problems for local businesses. MGCC works with traditional financial institutions to make challenging loans bankable, working with community development corporations and other non-profits to provide financing for job-producing projects, and assisting a wide range of small businesses find the growth capital they require. MGCC specifically targets manufacturers that are expanding, other growth sectors, and small businesses in our older Gateway Cities. Since inception, MGCC has assisted more than 333 companies with over 12,055 employees with customized working capital financing commitments totaling over $110,569,563.