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.
GRANT USE:
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.
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.
NOTE: Businesses with retail stores or that offer face-to-face services may have a better chance with successfully crowdfunded campaigns. Examples include:
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:
June 15, 2021
This will be a rolling application. Existing applications will be reviewed by MGCC on a monthly basis. Applicants can expect to hear back within 2-6 weeks of completed submission of their grant application, including all necessary supplementary documents and information.
May 29, 2023 (Monday)
Apply now through 5/29/23 and the next round of application reviews will begin 5/30/23.
June 30, 2023 or when funds are exhausted, whichever comes sooner.
Biz-M-Power is open to businesses who meet the following requirements. Must be an entrepreneur or small business that:
Owned by:
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.
Before starting: Need help applying?
If you would like to receive technical assistance with your application, we would be happy to connect you with a Small Business Technical Assistance (SBTA) Provider! Click this link to submit a SBTA Introduction Request: CLICK HERE
STEP 1: Apply
The application must be filled out and submitted along with attachments as stated in “Required Documentation” electronically through MGCC’s online application portal, Submittable. Hard copies or electronic copies submitted in any other way, such as mailed in or emailed, will not be considered. Additionally, only complete, accurate and legible applications will be considered.
STEP 2: Application Review
STEP 3: Launching Your Crowdfunding Campaign
Approved applicants will work closely with a crowdfunding coach provided by Patronicity to prepare the public-facing crowdfunding page, develop reward incentives, and come up with a strategy for a 30-60 day campaign. Campaigns must launch within 30 days of MGCC approval. Patronicity will provide technical assistance throughout the raise period.
STEP 4: Receive Your Funding
If your crowdfunding campaign reaches its goal OR raises over $1,500 you will be awarded an MGCC matching grant on all funds raised during your campaign.
Please be prepared to provide the following documentation when completing the application. Applications are unable to be submitted without this information.
If you have questions regarding the Biz-M-Power Crowdfunding Matching Grant Program, please join us to ask your questions live. Office Hours will be held via Zoom.
After registering, you will receive a confirmation email containing the information to join the meeting.
QUESTIONS, PLEASE CONTACT: Theresa Ng, Community Project Manager
bizmpower@massgcc.com or (617) 523-6262 ext. 266