The Commonwealth of Massachusetts is making $75 million in new funding available for grants to small businesses in the state that have been impacted by the ongoing COVID-19 pandemic. The grants will be administered through the Massachusetts Growth Capital Corporation (MGCC) and applications are open on the MGCC website through April 4, 2022.
$50 million of the grant money is available for small businesses that reach “socially and economically disadvantaged and historically underrepresented groups.” This includes businesses owned by minorities, women, veterans, members of the LGBTQ community, and individuals with disabilities. An additional $25 million is earmarked for small businesses (annual revenues between $40,000 and $2.5 million) that have yet to receive funding from any COVID relief program administered by the MGCC. Grants range in size from $10,000 to $75,000, and are capped at the lesser of $75,000 or the equivalent of three months of annualized operating expenses.
For additional information visit the MGCC website or call Gray, Gray & Gray at (781) 407-0300.