The application period is now closed for this program.
Applicants: To view the status of your application, please log into the submission portal.
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The application period is now closed for this program.
Applicants: To view the status of your application, please log into the submission portal.
Powered by Submittable
MICROLENDING OPERATIONS SUPPORT & CDFI LENDING CAPITAL MATCHING FUNDS GRANT PROGRAM
The Commonwealth of Massachusetts is seeking experienced nonprofit lenders to assist established and start-up small businesses in the Commonwealth in obtaining capital. The Commonwealth’s funds are meant to facilitate lending to small businesses that are unable to obtain traditional sources of capital.
This grant program seeks to increase the flow of capital into Massachusetts’s small businesses and to continue to foster recovery, sustainability, resilience, and growth. Successful grantees will leverage state funds, along with significant non-state capital sources, to provide small businesses with a spectrum of loan products.
This grant program seeks to increase the flow of capital into Massachusetts’s small businesses and create recovery, sustainability, resilience, and growth. By providing a new source of matching funds for established regional certified nonprofit lenders, the program seeks to build the capacity of nonprofit community-based lenders to finance regional business growth.
Successful grantees will leverage state funds, along with significant non-state capital sources, to provide small businesses with direct loans. Successful grantees will provide capital to small businesses that unlocks job growth and put small businesses on a path toward bankability. Successful grantees will fuel small business growth and revitalize their communities.
Consideration will be given to:
Some applicants will be able to apply for both Microlending Operations Support and CDFI Lending Capital Matching Funds:
Lending Capital Matching Funds:
Funds can be used as lending capital for small business loans. It requires 50% organization matching funds at hand to access awarded amount. Up to 5% of award can be used as a loan loss reserve. Available for certified CDFIs, certified CDCs, and SBA microlenders. Award amounts up to $200,000.
Microlending Operations Support:
Funds can be used to support the eligible organization’s lending and technical assistance activities. Organizations that have already received FY24 microlending funding will be excluded. Award amounts up to $200,000. Available for certified CDFIs, SBA microlenders, and United States Department of Agriculture microlenders only.