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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.