New program directs $50 million toward businesses reaching underserved markets, minority-, women-, and veteran-owned businesses, and $25 million for businesses that did not qualify for prior MGCC aid.
Today, the Baker-Polito Administration announced the launch of a new $75 million grant program to support Massachusetts small businesses impacted by the COVID-19 pandemic. The new program is part of the plan to spend $4 billion in American Rescue Plan funding that was signed into law by Governor Charlie Baker in December 2021. The new program is modeled after Massachusetts Growth Capital Corporation’s (MGCC) successful COVID-19 small business relief program. Under that effort, which became the biggest state-sponsored business relief program in the nation, MGCC oversaw the distribution of approximately $705 million to over 15,000 small businesses across Massachusetts. Today’s announcement was made at Luanda Restaurant and Lounge in Brockton, a family-owned business that received financial support through MGCC’s prior COVID relief grant program.
“We have been proud to support small businesses in every corner of the Commonwealth through the MGCC small business program during the pandemic, but we know that some challenges remain for many businesses,” said Governor Charlie Baker. “With the launch of this new effort, we can build on MGCC’s successful work and direct important federal funding to those businesses with the greatest need quickly and effectively.”
“Restaurants like Luanda are fundamental to the character of our neighborhoods, main streets and downtowns in every city and town in Massachusetts,” said Lt. Governor Karyn Polito. “This new initiative will ensure that businesses that need help the most will be able to take advantage of additional opportunities.”
The $75 million will be focused on small businesses that employ between two and 50 people, with $25 million directed toward businesses that did not qualify for previous MGCC grants because of a lack of revenue loss in 2020; and $50 million directed to businesses that reach underserved markets and historically underrepresented groups, or are minority-, women-, or veteran-owned businesses, or are owned by individuals with disabilities or who identify as a member of the LGBTQ+ community.
Read more about the grants here: https://www.mass.gov/news/baker-polito-administration-launches-new-75-million-small-business-relief-program