There is good news for small businesses in Massachusetts as the Baker-Polito Administration announces a new $75 million grant program.
Massachusetts Small Businesses Are Entitled To $75 Million COVID Relief Fund
The new funds are part of the US $4 billion bailout plan and will support small businesses hit by the Covid-19 pandemic. The new program will provide $50 million for businesses in underserved markets, including those owned by minorities, women and veterans.
Small Business Financing Opportunity
The remaining $25 million will go to companies previously ineligible for support from Massachusetts Growth Capital Corporation (MGCC). During the MGCC’s initial run, it became the largest state-sponsored emergency response program in the United States. The program oversaw the distribution of more than $700 million to approximately 15,000 small businesses throughout Massachusetts.
Now the companies that missed the first round of financing are getting a second chance.
‘Challenges remain’ for many companies
Speaking at the Luanda Restaurant and Lounge in Brockton, Governor Charlie Baker spoke about the new program, saying: “We are proud to support small businesses in every corner of the Commonwealth through the MGCC Small Business Program during the pandemic, But we know that for many companies there are still some challenges. With the launch of this new effort, we can build on MGCC’s successful work and quickly and effectively allocate key federal funding to the companies in greatest need.”
Lieutenant Governor Karyn Polito added: “Restaurants like Luanda are fundamental to the character of our neighborhoods, high streets and downtowns in every city and town in Massachusetts. This new initiative will ensure that businesses that need help most can take advantage of additional opportunities.”
Small Business Grant Data
Companies eligible for grants from the $75 million fund are those that employ between two and 50 people.
$50 million will be allocated to companies reaching underserved markets and historically underrepresented groups. This includes businesses owned by minorities, women, and veterans, as well as businesses owned by people with disabilities or members of the LGBTQ+ community.
Companies that did not qualify for previous MGCC grants due to lack of revenue loss in 2020 will be allocated a share of the $25 million pot.
The grants will range between $10,000 and $75,000, and can be used toward employee and benefit costs, as well as mortgage interest, rent, utilities, and interest on debt.
Image: Depositphotos
This post Massachusetts Small Businesses Can Get $75 Million COVID Relief Fund was original published at “https://smallbiztrends.com/2022/03/massachusetts-small-businesses-grant-program.html”