The MGCC Small Business Technical Assistance Grant Program builds operational capacity and skills of organizations that are providing technical assistance, education, and access to capital to small businesses, including many owned by women, minorities and veterans. The grant program strengthens ongoing business-development activities in low-and moderate-income and underserved communities, and in Gateway Cities across the state.
This state-funded Small Business Technical Assistance Grant Program leverages community and economic development non-profits to help small businesses create and preserve jobs. The grants are awarded to community development corporations, chambers of commerce, and similar non-profits. They use the funds to provide crucial services, such as technical assistance, training in business skills, and access to financing, to their local businesses. In addition, we offer mini-grants, through our grantees, to small business owners with needs for professional, technical, and operational services.
In FY2017 grants totaling $990,000 were distributed by the Massachusetts Growth Capital Corporation. Technical assistance grants totaling $940,000 went to 32 organizations in amounts from $10,000 to $60,000. In addition, mini-grants for professional services totaling $47,495.50 went to 27 small businesses to address unmet needs hindering growth. The residual was invested to increase business development skills for the small business technical assistance providers. The FY17 grant funding directly impacted 2,095 jobs, at an average cost of only $477 per position created or saved. As a result of technical assistance, $27,257,682 was financed to support the startup, stabilization, and growth of 250 small businesses across the Commonwealth.