The launch of the $75 million small business grant program from the November economic development spending bill. The application for the program is now live and can be accessed here: https://www.empoweringsmallbusiness.org/covid-19-response/inclusive-recovery-grant-program. It will be open until April 28, 2023.
The launch of the $3 million grant program for movie operators later today as well: https://www.empoweringsmallbusiness.org/covid-19-response/independent-movie-theater-grant-program
Today, the Healey-Driscoll Administration and Massachusetts Growth Capital Corporation (MGCC) announced two new grant programs totaling $78 million in funding to support Massachusetts small businesses.
“Small businesses are the backbone of our communities and our economy,” said Massachusetts Governor Maura Healey. “Through these new grant programs, small businesses will have access to much-needed capital and resources to help them grow and thrive. We're grateful to our partners in the Legislature for allocating these critical funds.”
The Inclusive Recovery Grant Program will provide up to $75 million in funding through grants of up to $75,000 for businesses owned by people of color, women, veterans, immigrants, individuals with disabilities, or those who identify as part of the LGBTQ+ community; businesses that focus on reaching markets predominantly made up of socially and economically disadvantaged and historically underrepresented groups; and other underserved markets.
The Independent Movie Theater Grant Program will provide a total of $3 million in funding to support movie theaters in Massachusetts. Eligible applicants can receive $15,000 for each of the first two screens they add at a particular location and $10,000 for each additional screen at a particular location.
These funds will be administered by MGCC and were appropriated through the Commonwealth’s FY2023 Economic Development Bill.
“Small businesses employ half the workforce in our state and account for the majority of all our businesses,” said Massachusetts Lieutenant Governor Driscoll. “We’re pleased this targeted funding will support small business owners that have traditionally struggled to access needed capital and those serving historically underrepresented populations.”
“Our small business owners and entrepreneurs, many of whom are women, people of color, veterans, and immigrants, need access to capital in order to get their ventures off the ground and expand their footprint in Massachusetts,” said Massachusetts Economic Development Secretary Yvonne Hao. “We are grateful to MGCC for playing an important role in empowering small business owners and advancing equitable business growth across the state.”
“These programs provide an accessible and streamlined process for underserved businesses to access the capital that will be instrumental to their growth,” said Larry Andrews, President and CEO of MGCC. “Our extensive network of community partners is actively reaching out to their local businesses to provide the necessary technical assistance to assist through the application process.”
Applications are now being accepted for both programs and are available here (https://www.empoweringsmallbusiness.org/). The deadline to apply is Friday, April 28, 2023. Businesses interested in applying must fill out and submit the online application along with required documentation.
About Massachusetts Growth Capital Corporation:
Massachusetts Growth Capital Corporation (MGCC) is a quasi-public agency formed to help create and preserve jobs at Massachusetts small businesses, women and minority owned businesses, and to promote economic development in underserved, Gateway Cities and low- and moderate-income communities. MGCC is a central state resource that offers working capital, loan guarantees, and targeted technical assistance to solve specific financial and operational problems for local businesses. MGCC works with traditional financial institutions to make challenging loans bankable, working with community development corporations and other non-profits to provide financing for job-producing projects and assisting a wide range of small businesses find the growth capital they require. For more information on MGCC’s products and programs, including the Biz-M-Power crowdfunding matching grant program, please visit EmpoweringSmallBusiness.org.
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