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Biz-M-Power Grant Program

 

 

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Biz-M-Power is no longer accepting applications.

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Overview

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 capital 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 appropriated $7,500,000 for this program. 

Preference shall be given to small businesses owned by low- to moderate-income individuals (LMI), 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.

Grantee Stories

Yamacu

"The results are unbelievable - now, I’m helping many different women business owners with their crowdfunding campaign pages and helping them find success in the [grant] program." - Salimata Bangoura, Yamacu

Jeremy Lockett in front of Himalayan Kitchen Restaurant

The grant was used for electrical, new lighting, and other needs like sinks and an ice machine for the soon-to-be renovated bar area. “I would definitely recommend Biz-M-Power for other business owners." -Jeremy Lockett, Himalayan Kitchen

Yesenia of Jessy's Clean Meals

Yesenia encourages other business owners to apply for the Biz-M-Power Program. "[Buying] the things needed are now possible because of this program... like brand new items in our menu, new containers, and a delivery vehicle that will help me promote my business on the road." - Yesenia Melo, Jessy's Clean Meals

Jaeda Turner, Receipient of Biz-M-Power Grant

"It [Biz-M-Power] gave the opportunity to tell the story around where your business is, where it’s going, and what you need from your community to help get you there.” - Jae’da Turner, Black Owned Bos

Jaeda Turner's truck purchased with Biz-M-Power grant funds

Biz-M-Power enabled Jae’da Turner of Black Owned Bos to purchase a van to transport event and project materials as the business continues to achieve its mission.

FUNDING

GRANT USE:

  • Acquire, expand, improve or lease a facility; or 
  • Purchase or capital lease equipment; or  
  • Meet other capital needs of a business 
  • Funds CANNOT be used for ongoing business operations such as payroll, benefits, buying of inventory, and general working capital, reimbursements, or operational leases.

TOTAL FUNDS AVAILABLE:  Commonwealth’s Operating Budget for Fiscal Year 2021 appropriated $7,500,000 for this program.

AWARDS:  Businesses must crowdfund a minimum of $1,500 and a maximum of $20,000 to receive a 2:1 matching grant from MGCC between $3,000 and $40,000. The combination of crowdfunding dollars and 2:1 matching grant from MGCC, businesses can earn $60,000+ through this program. 

  • Small Business Technical Assistance (SBTA) Sponsors, Trained Business Advisor, if applicable (optional) – Businesses have the option to apply with an SBTA Sponsor. SBTA Sponsors will receive $250 fee, covered by MGCC, for assisting the awardee with successful grant match. 
     
  • Patronicity Fee – Set at 5% of the crowdfunding funds raised. Additionally, there is a 2.6% plus $0.30/transaction credit card fee collected by Stripe, the payment processor used by Patronicity. Donors have the option to cover all fees at checkout, thus reducing overall fees incurred to the Project.

CROWDFUNDING: Dependent upon application approval, businesses will launch a crowdfunding campaign to reach a financial goal. Goal must be met to receive 2:1 MGCC matching grant award. If businesses raise a minimum of $1,500, MGCC will award a matching grant. 

  • If a business is unable to meet their crowdfunding goal by the campaign deadline but has been able to raise a minimum of $1,500, the business will be eligible to receive a match from MGCC. 
    • E.G., If you commit to fundraising $10,000 on a $30,000 total project on your application by [your campaign deadline] but are only able to raise $7,000 by the [deadline], MGCC will 2:1 match. $14,000. Businesses will be required to submit an updated budget after the campaign closes. 
    • E.G., If you commit to fundraising $10,000 on a $30,000 total project on your application by [your campaign deadline] and are able to raise $10,000 by the [deadline], MGCC will provide the 2:1 matching grant award for $20,000, bringing the total amount received by the small business to $30,000. 
    • E.G., If you commit to fundraising $10,000 on a $30,000 total project on your application by [your campaign deadline] and are able to raise $12,000 by the [deadline], MGCC will provide the 2:1 matching grant award for $20,000 grant requested in your application, bringing the total amount received by the small business to $32,000. 
    • If applicable, for awardees working with SBTA Sponsors, a $250 SBTA fee will be added on to the total grant match for the grantee. MGCC will cover the $250 fee unless waived by the SBTA Sponsor. 
      • E.g., Applicant's grant match is $10,000. The grant total will be $10,250.
        • $10,000 will be disbursed to the grantee
        • $250.00 SBTA Fee, covered by MGCC, will be paid to the SBTA Sponsor

Frequently Asked Questions (FAQ)