There may be some excellent news for small companies in Massachusetts because the Baker-Polito Administration announce a brand new $75 million grant program.
Massachusetts Small Companies Entitles to $75 Million COVID Reduction Fund
The brand new funds are a part of the $4 billion American Rescue Plan and can help small companies impacted by the Covid-19 pandemic. The brand new program will present $50 million for companies in underserved markets, together with these owned by minorities, girls and veterans.
Small Enterprise Funding Alternative
The remaining $25 million will go to companies that didn’t beforehand qualify for Massachusetts Development Capital Company (MGCC) assist. The primary run of the MGCC noticed it develop into the most important state-sponsored enterprise aid program in the USA. This system oversaw the distribution of over $700 million to round 15,000 small companies throughout Massachusetts.
Now these companies who missed out on the primary spherical of funding have a second likelihood.
‘Challenges Stay’ for Many Companies
Talking on the Luanda Restaurant and Lounge in Brockton, Governor Charlie Baker spoke in regards to the new program, saying: “We’ve been proud to help small companies in each nook of the Commonwealth via the MGCC small enterprise program throughout the pandemic, however we all know that some challenges stay for a lot of companies. With the launch of this new effort, we are able to construct on MGCC’s profitable work and direct vital federal funding to these companies with the best want shortly and successfully.”
Lt. Governor Karyn Polito added: “Eating places like Luanda are elementary to the character of our neighborhoods, primary streets and downtowns in each metropolis and city in Massachusetts. This new initiative will make sure that companies that need assistance probably the most will be capable of make the most of extra alternatives.”
Small Enterprise Grant Particulars
Companies eligible for grants from the $75 million fund might be these using between two and 50 folks.
$50 million will assigned to companies that attain underserved markets and traditionally underrepresented teams. This consists of minority-owned, women-owned and veteran-owned companies, in addition to these owned by people with disabilities or who’re members of the LGBTQ+ group.
Companies that didn’t qualify for earlier MGCC grants due to an absence of income loss in 2020 are being assigned a $25 million share of the pot.
The grants will vary between $10,000 and $75,000, and it may be used for worker and profit prices, in addition to for mortgage curiosity, lease, utilities and curiosity on debt.
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