State-level sponsored loans, grants, and other funding programs to help MA-based small business owners during the COVID-19 crisis can be found here.
Loans up to $20,000 are offered to small businesses impacted by COVID-19.
The Microloan Program provides financing to existing Massachusetts small businesses to assist with working capital, or the purchase of furniture, fixtures, supplies, materials, and/or equipment.
- Term loans range from $5,000 to $50,000.
- Amortization of up to six (6) years.
Provides equipment loans to companies who are expanding operations and need to purchase new or used equipment.
- Up to $2,000,000 available for eligible applicants
- Fixed rate financing
- Loan terms up to seven (7) years.
- Loan advance rates up to 85% of the cost of new equipment
- Exporters may receive 100% financing for new equipment
A $1M Emergency Cooperative Enterprise Relief Loan Fund for cooperatives in New England and parts of New York State who are seeing a dramatic loss of customers and revenue as a result of the COVID-19 pandemic. They are also offering a 60-day suspension of payments to borrowers that are at highest risk and greatest need.
- Cooperative loan funding
- Specific to co-ops in New England
- Service Area: Statewide
Provides loans to help stabilize existing Black-owned small businesses.
The Development of Digital Capabilities grant is a grant of up to $5,000 to disadvantaged small businesses seeking tools and services to develop their digital capabilities. A total of $3,800,000 is available beginning in August 2021. Funds can be used for digital marketing, digital content development, creating and enhancing on-line operations, among others. Approved projects must be completed within 90 days of funding. The Applicant must be a brick-and-mortar business sponsored by an approved Small Business Technical Assistance (SBTA) provider. Small Business Strong is an approved SBTA certified to sponsor applications. Please contact one of our Business Advisors for the sponsorship process and requirements.
The BizMPower program focuses on assisting low-income and moderate-income entrepreneurs with their acquisition, expansion, improvement or lease of a facility, purchase, or lease of equipment, or with meeting other capital needs of a business through crowdfunding, through the Patronicity platform, and MGCC matching funds of between $2,500 and $20,000. Applicant must be a brick-and-mortar business sponsored by an approved Small Business Technical Assistance (SBTA) provider. Strong is an approved SBTA certified to sponsor applications. Please contact one of our Business Advisors for the sponsorship process and requirements.
Training programs for small businesses. One-week online program with various sessions each focusing on a business topic critical for small business owners to navigate uncertainty and survive financial shock (employees, finances, accessing capital, etc). Contains additional training programs not specific to COVID-19. Location/services statewide.
Has organization names and contact information for groups that can provide technical assistance to MA small businesses. This is additional support provided by MGCC (Massachusetts Growth Capital Corporation) on top of their $10M Small Business Recovery Loan Fund, which is now closed due to the availability of federal funds (https://www.empoweringsmallbusiness.org/)
MEMA has launched a hotline specifically for small businesses who are experiencing financial hardships or who have questions about how the state can support them.
- Call the hotline: (508) 820-2094.
Program that offers a smart alternative to layoffs. Employees work reduced hours while collecting unemployment benefits to supplement their lower wages.
Online training courses for restaurant/food businesses on safe practices for food handling on takeout and delivery.
Additional: Economic Bond Bills
Two separate economic bond bills that would provide additional relief to small businesses are currently going through the State House and Senate legislative processes. For more information about these bills, see the links below.
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