Mass Growth Capital Corporation Awards over $6 million in Small Business Grants to 59 Non-profits
Funding to Support Small Businesses in Communities Across the State
BOSTON, MA — Today, Massachusetts Growth Capital Corporation (MGCC) announced over $6 million in small business technical assistance grants to 59 non-profit organizations across the Commonwealth made possible by the Baker-Polito administration. The state-funded Small Business Technical Assistance Grant Program, administered by MGCC, aims to expand economic and entrepreneurial opportunities in underserved communities throughout Massachusetts.
Grants range from $20,000 - $175,000 and enable technical assistance partners to provide crucial support such as individualized business management assistance, financial training, access to capital and loan packaging services to under-resourced small businesses in urban and rural communities. The grant recipients, selected through a competitive process, are as diverse as the businesses they serve. They include community development corporations, micro lenders and chambers of commerce that are committed to help small businesses flourish and to improve the local economy. Key industries receiving support include small businesses in the creative economy, agricultural and food sectors, and retail, service and hospitality businesses.
"Small businesses power our economy and are the heart of our main streets and downtowns," said Housing and Economic Development Secretary Mike Kennealy. "MGCC's Small Business Technical Assistance Grant Program represents a key way the Commonwealth can provide our small businesses with access to the expertise and capital they need to thrive."
Since their inception, MGCC grants have supported more than 26,000 small business owners, as well as many non-profit organizations and business development leaders. The program consistently provides financial resources that make an impact in Gateway Cities and with minority- and women-owned small businesses.
“The Entrepreneurship Center was pleased to be awarded $100,000 from MGCC, one of our oldest partners, to continue developing the small businesses in our communities and the ecosystems they serve,” said Charles Smith, Director of the Entrepreneurship Center at Community Teamwork. “The Entrepreneurship Center at Community Teamwork strives to give small businesses, especially from BIPOC (Black, Indigenous, and people of color) communities, equal access to resources and technical assistance they otherwise may not have.”
“We thank the Baker/Polito Administration and the state legislature for coming together to support the start up and growth of small businesses across every community in the Commonwealth,” said Joseph Kriesberg, President & CEO of the Massachusetts Association of Community Development Corporations and a board member of MGCC. “This program does a great job of delivering culturally competent business support services at the local level where people of color, immigrants, women, and other traditionally underserved people can access it.”
“This program’s priority to provide access, support and resources to our state’s small businesses at the ground level remains crucial this year,” said Larry Andrews, MGCC President & CEO. “The program continues to leverage the abilities of regional economic development organizations to advance a coordinated and comprehensive response to the negative impacts the pandemic has made on our most vulnerable small businesses across the Commonwealth.”
Last week, MGCC released the FY22 Impact Report for the Small Business Technical Assistance Grant Program. This report details the 60 organizations that received a total of $7,000,000 in grants, reaching every corner of the Commonwealth. View the FY22 Impact Report.