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BIZ-M-POWER CROWDFUNDING MATCHING GRANT PROGRAM
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.
Consideration will be given to small businesses located in Massachusetts owned by low-to-moderate income individuals (LMI) and businesses located in economic disadvantaged urban or rural communities, and businesses operating in Gateway Cities.
The Biz-M-Power program has made a significant and meaningful difference in businesses and communities throughout the Commonwealth. Take a look.
Approved applications that run successful campaigns are awarded on average 5 - 6 months from application submission, please refer to FAQ section below. Click on the following link for the Biz-M-Power Grant Process (2024).docx
GRANT USE:
AWARDS: Businesses must crowdfund a minimum of $2,500 and a maximum of $20,000 to receive a 1:1 matching grant from MGCC between $2,500 and $20,000. The combination of crowdfunding dollars and 1:1 matching grant from MGCC, businesses can earn $40,000+ through this program.
Online donations accepted only via the Patronicity campaign platform. Dependent upon application approval, businesses will launch a crowdfunding campaign to reach a financial goal. Goal must be met to receive 1:1 MGCC matching grant award. If businesses raise a minimum of $2,500, MGCC will award a matching grant.
Businesses that are unable to meet their crowdfunding goal by [the campaign deadline] but have been able to raise a minimum of $2,500, will be eligible to receive a match from MGCC.
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:
Biz-M-Power is open to participants who meet the following requirements. Must be an entrepreneur or small business that:
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: In order to apply, you are required to be sponsored by an MGCC Small Business Technical Assistance Provider. Click here for the list of available providers: MGCC Small Business Technical Assistance Providers
If you do not have one, we would be happy to connect you with a Provider! Submit an introduction request here.
STEP 1: Apply with an SBTA Sponsor
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 $2,500 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.
Questions? Please contact: bizmpower@massgcc.com
Team Massachusetts is excited to connect you with the latest and most relevant resources available for businesses. We’re here to support you every step of the way as your company grows. Through the Business Front Door, we can make your business journey in Massachusetts a successful one. Learn more at www.mass.gov/business-front-door