Small Business Grants Massachusetts
Massachusetts small business owners have access to many grants and loans. Finding the right one comes with knowing what is available and matching it to the needs of the business.
Many owners need small business financial assistance at some point. Companies may struggle to make mortgage payments or run a development program.
Owners should look into all business resources, including grants. Use every relevant support service necessary to keep the business open.
Small businesses can apply for funds through federal, state, and regional government agencies.
Financial institutions and lenders also offer loans to help ease business expenses. Yet, there is often a repayment process with loans that grants do not require.
Whether small businesses need relief funds or startup capital, they have many options.
Also See: Additional Small Business Grants
What Small Business Owners Of Massachusetts Should Know Before Applying For A Grant
Before applying for grants, learn what may cause a delay or decline of an application.
Massachusetts small business owners should visit the official government websites. The sites provide more specific details necessary for submitting grant applications.
14 Grants and Loans for Massachusetts Small Businesses
Here are a few grants and loans small business owners should consider.
1. State Small Business Credit Initiative (SSBCI)
The State Small Business Credit Initiative (SSBCI) supports state programs.
SSBCI allocates federal government funds to states that apply for funding. Once approved, it may receive three installments of federal funds.
SSBCI provides loans and equity capital to creditworthy small businesses and startups. It helps small companies that do not have access to the funds they need to create jobs or expand.
2. Small Business Lending Fund (SBLF)
The Small Business Lending Fund (SBLF) provides capital to accredited community banks. It also does the same for Community Development Loan Funds (CDLFs)
SBLF supports these institutions and Main Street businesses that work together. The goal is to foster economic growth and create new jobs.
3. Community Development Financial Institutions Fund (CDFI FUND)
The CDFI Fund promotes economic revitalization and community development in low-income communities.
The CDFI invests in and assists mission-driven lenders. They are also known as Community Development Financial Institutions (CDFIs).
4. Office of Small and Disadvantaged Business Utilization
The Office of Small and Disadvantaged Business Utilization helps companies contact Treasury. It provides support, counseling, and advice on the procedure.
It supports the following small businesses types:
- Small businesses
- Small disadvantaged business
- Women-owned small businesses
- Economically disadvantaged women-owned small businesses
- Veteran-owned small businesses
- Service-disabled veteran-owned small businesses
- Small companies in underutilized business zones
5. Franklin County Community Development Corporation
The Franklin County Community Development Corporation supports businesses in the food industry. The Corporation offers loan financing, expertise, and technical support services.
6. Life Sciences Tax Incentives
It provides incentives to specific businesses. It must want to expand and create new, long-term employment in the state of Massachusetts.
7. Massachusetts Growth Capital Lending Products (MGCC)
The Massachusetts Growth Capital Lending Products (MGCC) provides loans. It makes creative or flexible loans to fit the needs of small businesses.
MGCC offers small businesses:
- Loan amounts ranging from $5,000 to $1,000,000
- Lends to companies
- Works well with other funding providers
- The financing comes with managerial guidance.
- Lends to most industries
8. The Economic Development Incentive Program (EDIP)
The Economic Development Incentive Program helps foster job creation and business expansion.
Companies participating in the program may receive:
- Tax credits
- Local property tax incentives
A business can only receive these incentives by committing to:
- New job creation
- Existing job retention
- Private investment in the project
Businesses must meet many factors and criteria, including only accepting online applications.
9. The Massachusetts Growth Capital Corporation
The Massachusetts Growth Capital Corporation has several grant programs for small businesses. One such grant is the Biz-M-Power Crowdfunding Matching Grant Program.
The Biz-M-Power Crowdfunding Matching Grant Program
The Grant Program offers Massachusetts small businesses financial support for the following:
- Lease of a facility
- Buy or lease equipment.
- Other investments
Eligible businesses may receive matching grants anywhere from $2,500 to $20,000 from MGCC. Small business owners can combine grant funds with their crowdfunding dollars.
Preference goes to low to moderate (LMI) brick-and-mortar small businesses owned by:
- Non-native English speakers
- U.S. military veterans
- Individuals with disabilities
- Members of the LGBTQ+ community
- Businesses operating in Massachusetts Gateway Cities in the Commonwealth. i.e., Attleboro, Barnstable, Brockton, Chelsea, Salem, Springfield, Taunton, Westfield, etc.
10. Grameen America Microloans
Grameen America is a nonprofit organization. It helps women in Boston get the capital they need to start a business.
Females with a low income or poor credit can get a low-cost or interest-free business loan. The nonprofit organization also provides counseling, coaching, networking, marketing help, and more.
Grameen focuses on women of color, immigrants, non-English speakers, and similar applicants.
11. Cambridge Small Business Relief Grant Program
The Cambridge Small Business Relief Grant Program provides relief to specific businesses.
They must be local, non-franchise/chain businesses affected by COVID-19. The Cambridge business must have 50 or fewer employees (full-time).
Companies may apply for grant awards of $10,000 for allowable business expenses. i.e., payroll, rent, utilities, inventory, equipment, etc.
12. Massachusetts Community Development Finance Corporation
The Massachusetts Community Development Finance Corporation helps fund small businesses across the state.
The Corporation helps small businesses and startups get the capital they need. It works with credit unions, banks, and other lenders. It also helps with micro-lending.
It has dedicated services for veterans, minorities, and female-owned businesses. Yet, any small to mid-sized company can contact the office for support. They also help with micro-lending.
13. Women's Fund of Western Massachusetts
The Women's Fund of Western Massachusetts is a nonprofit organization in Springfield, Mass.
Yet, it covers the western part of the state, including:
- Hampshire Counties
The nonprofit helps women-owned businesses and entrepreneurs through the programs they offer.
The nonprofit also offers:
- A Leadership Program
- Peer-to-peer counseling
- Free grants
- Emergency funds
- Other business-related resources
14. Boston Uptima Entrepreneur Cooperative
Boston Uptima Entrepreneur Cooperative is a nonprofit that helps:
- Small businesses
It provides support programs, including:
- Interest-free microloans from KIVA
- Boot camps
- Free Business Advisory services
The nonprofit organization focuses on women and businesses owned by people of color.
Massachusetts small business owners should visit gov. websites. Each site provides details of available grants, loans, nonprofits, and other lenders.
Get more information about a grant or loan amount and its application period. Learn which grant or loan program best fits the small business needs.
One of them may be the small company's lifesaver.