Biz-M-Power Grant Program

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

NOTE: Businesses with retail stores or that offer face-to-face services may have a better chance with successfully crowdfunded campaigns. Examples include: 

• Restaurants
• Bars
• Coffee Shops/ Cafes/ Bakeries
• Hair Salons/ Nail Salons/ Day Spas
• Fitness Centers (gyms, yoga studios, barre studios, etc.) 
• Retail Shops (especially flower shops, craft beer & wine shop, craft supply shops, independent bookstores, pottery studios, kitchenware shops, specialty gift shops, etc.) 

This is not an exhaustive list. Eligible businesses not on this list are still welcome to apply. 

NOTE: Home-based businesses are not eligible to apply to Biz-M-Power. Examples of ineligible businesses include: 

• Home-based daycare providers
• Home-based carpenters
• Airbnb Rentals
• Uber/Lyft/Solo Livery Drivers
• Barbers Renting Chairs

APPLICANT ELIGIBILITY   

Biz-M-Power is open to businesses who meet the following requirements. Must be an entrepreneur or small business that:  

• Is operating within Massachusetts with a public-facing, brick-and-mortar (physical) location, or storefront
• Is employing 1-20 full-time equivalent (FTE) employees, including 1 or more of whom owns the business (1099’s included)
• Is the business owners’ primary source of income  
• Has an annual revenue not exceeding $2,500,000  
• Has been legally established/in the early-stages of business operations for at least 3 months 
• Is NOT a home-based business
  • Examples of INELIGIBLE businesses include: 
    • Home-based daycare providers
    • Home-based carpenters
    • Airbnb Rentals
    • Uber/Lyft/Solo Livery Drivers
    • Barbers Renting Chairs
• Is NOT owned by someone employed by the sponsoring Small Business Technical Assistance (SBTA) Provider, if applicable
• Is NOT a nonprofit, not-for-profit, or charitable organization including church, or religious institution
• Is NOT a chain (chains are defined as businesses not headquartered in Massachusetts with multiple locations)
• Is NOT a franchise with more than 2 locations, including those individually owned-and-operated (Franchises with up to 2 locations will be considered, but MGCC reserves the right to limit grant funding to one location)  
• Is NOT a real estate rental/sales business 
• Is NOT engaged in political or lobbying activities
• Is NOT a cannabis-related business
• Is NOT a member-services organization (social clubs)
• Is NOT a government-owned entity or elected official office
• Is NOT currently listed on the federal debarment list
• Is NOT owned by foreign individuals (non-permanent resident or corporations)

Owned by: 

• An individual of 18 years or older at the time of application  
• A United States citizen or permanent resident 

NOTE: If a person owns multiple businesses and submits an application for each business, MGCC reserves the right to limit grant to one business per owner.

Compliance with federal funds, laws and regulations: Applicants must comply with all applicable laws.