In the hopes of jumpstarting the economy, the Baker-Polito Administration announced $30 million of state funding in grant programs to be administered by the Massachusetts Growth Capital Corporation (MGCC) to help small businesses recover and prosper post-pandemic. $4 million will be awarded to 45 non-profit technical assistance providers to help small businesses and entrepreneurs recovery, grow and expand. $14.5 million will be made available to community development financial institutions and $11 million for two different grant programs to help businesses with digital tools and crowdfunding.
Mayor Sarno stated, “Governor Charlie Baker and Lt. Governor Karyn Polito have been great partners in assisting me in leveraging monetary and technical assets to help not only stabilize our businesses, but just as important, help them to thrive as we move to defeat this COVID-19.”
“To address the impacts of the COVID-19 pandemic on the Commonwealth’s small businesses and main streets, our Administration put forward the largest relief program in the nation as part of our comprehensive plan for economic recovery,” said Governor Charlie Baker. “With this new round of funding for technical assistance, access to capital, and digital tools, we are strengthening our support for small businesses and taking another major step toward a return to normal.”
“The combination of technical assistance and access to capital is critical to supporting businesses along their path to growth and is also a key part of our strategy for economic recovery,” said Lt. Governor Karyn Polito. “We are grateful to MGCC for their work to provide vital assistance to small businesses throughout the pandemic.”
“These new tools and resources, combined with our Small Business Technical Assistance program, continues our support for small businesses that serve traditionally disadvantaged communities and also suffered disproportionately during the pandemic, and provide them with a path to short-term recovery and long-term success,” said Housing and Economic Development Secretary Mike Kennealy. “By increasing access to essential technical assistance, business education, skills training, and capital, we can help make certain the Commonwealth’s diverse small businesses are a part of the return to normal for our downtowns, main streets and our entire economy.”
“MGCC is moving into the next phase of supporting the Commonwealth’s economic recovery and I am so excited for MGCC to release these two innovative programs. Biz-M-Power and Empower Digital share an objective of increasing access for entrepreneurs to the tools their businesses need to grow and reach their goals,” said MGCC President and CEO Larry Andrews. “I want to thank my team at Mass Growth Capital, as well as our technical assistance providers, who are our network of partner organizations that help raise awareness of these important efforts. We are grateful to the continued support of the Baker-Polito Administration and the Legislature that enables us to do our important work.”
"White Lion Brewing Company continues to be a beneficiary of a strong business development and sustainability eco-system; it is encouraging to witness cooperating quasi-public, public, non-profit and private institutions working collectively for the greater good to see small businesses thrive in the Commonwealth,” said Raymond Berry, Jr., Founder of White Lion Brewing Company. “We were very fortunate to be one of 15,000 small businesses that Mass. Growth Capital provided financial relief to during a period where many businesses would have shuttered otherwise. Our brewery is standing today due to those resources in turn affording us an opportunity to create and retain jobs."
“The state’s support for CDFIs and CDCs that lend money to underserved small businesses is an investment in the entrepreneurs and job creators that drive our economy,” said Raymond Lanza-Weil, President of Common Capital. “We are grateful for the State’s funding of our small business loan and technical assistance programs.”
