MGCC Deploys $75 Million to Small Businesses

AAFCPAs’ client Massachusetts Growth Capital Corporation (MGCC) is offering two new grant programs for small businesses affected by the COVID-19 pandemic. These funds were appropriated through the state’s share of the American Rescue Plan Act (ARPA). There are two programs: The New Applicant Grant Program and The Inclusive Grant Program. Grants range from $10,000 – $75,000.

The application period for both is February 23 – April 4, 2022. This is not a first come, first served program. Grant awards will be made after all applications have been received. Important details for each program are below.

Information about each program is available in Spanish, Haitian Creole, Portuguese, Chinese, and more languages on the MGCC website. See below.

New Applicant Grant Program

The New Applicant Grant Program will provide $25,000,000 in grant assistance to support small businesses that have NOT previously received financial relief from MGCC’s COVID-19 Relief Grant Programs

• Available to support small businesses negatively impacted by COVID-19 that have not previously received financial relief from MGCC’s COVID-19 Relief Grant Programs. MGCC Empower Digital or Biz-M-Power grants are not part of the COVID-19 Relief Grant Program, therefore, businesses that received those grants are still eligible for this program.
• Grants will be between $10,000 – $75,000 which shall be the equivalent to 3 months of annualized operating expenses, as evidenced by 2020 Federal Tax Returns.
• The business must currently have between 2-50 full-time equivalent (FTE) employees, one of which is the owner.
• The business must have a minimum of $40,000 in operating expenses based on 2020 Federal Business Tax Returns.
• Business revenues must be between $40,000 to $2,500,000 based on 2020 Federal Business Tax Returns.
• Business must have been established prior to 09/30/2020 and be currently in operation.
• While all businesses meeting the program’s criteria are eligible, priority will be given to businesses that were established after 06/30/2019 and have not received relief aid from Federal, State or local programs.

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Inclusive Grant Program

The Inclusive Grant Program has $50,000,000 available to businesses that focus on reaching markets predominantly made up of socially and economically disadvantaged and historically underrepresented groups, underserved markets, and those owned by minorities, women, veterans, disabled individuals, or those that identify as part of the LGBTQ+ community.

• Grants will be between $10,000 – $75,000 which shall be the equivalent to 3 months of annualized operating expenses, as evidenced by 2020 Federal Tax Returns.
• The business must currently have between 2-50 full-time equivalent (FTE) employees, one of which is the owner.
• The business must have a minimum of $40,000 in operating expenses based on 2020 Federal Business Tax Returns.
• Business revenues must be between $40,000 to $2,500,000 based on 2020 Federal Business Tax Returns.
• Business must have been established prior to 09/30/2020 and be currently in operation.
• While all businesses meeting the program’s criteria are eligible, priority will be given to businesses that are located in a Massachusetts Gateway City and have not received relief aid from Federal, State or local programs.

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Have questions or need assistance? Contact Tina Petigny, LISC Senior Program Officer at tpetigny@lisc.org or consult a Small Business Strong Advisor.

MGCC is also offering interactive workshops so businesses can learn more and get help with the application.