CHICOPEE, Mass. (WWLP) – The Healey administration and Massachusetts Growth Capital Corporation (MGCC) have announced two new grant programs to support small businesses.
These two new grant programs will total $78 million for funding to support Massachusetts small businesses, according to a news release sent to 22News from MGCC. The Inclusive Recovery Grant Program will provide up to $75 million in funding through grants of up to $75,000 for businesses that are owned by people of color, women, veterans, immigrants, individuals with disabilities, or those that are a part of the LGBTQ+ community.
The Independent Movie Theater Grant Program will provide $3 million in funding to support movie theaters in Massachusetts, and eligible applicants can receive $15,000 for each of the first two screens that they add at a particular location and $10,000 for each additional screen at a certain location.
“Small businesses are the backbone of our communities and our economy,” said Massachusetts Governor Maura Healey. “Through these new grant programs, small businesses will have access to much-needed capital and resources to help them grow and thrive. We’re grateful to our partners in the Legislature for allocating these critical funds.”
These funds will be administered by the Massachusetts Growth Capital Corporation and were appropriated through the Commonwealth’s FY2023 Economic Development Bill.
“Small businesses employ half the workforce in our state and account for the majority of all our businesses,” said Massachusetts Lieutenant Governor Driscoll. “We’re pleased this targeted funding will support small business owners that have traditionally struggled to access needed capital and those serving historically underrepresented populations.”
“Our small business owners and entrepreneurs, many of whom are women, people of color, veterans, and immigrants, need access to capital in order to get their ventures off the ground and expand their footprint in Massachusetts,” said Massachusetts Economic Development Secretary Yvonne Hao. “We are grateful to MGCC for playing an important role in empowering small business owners and advancing equitable business growth across the state.”
“These programs provide an accessible and streamlined process for underserved businesses to access the capital that will be instrumental to their growth,” said Larry Andrews, President and CEO of MGCC. “Our extensive network of community partners is actively reaching out to their local businesses to provide the necessary technical assistance to assist through the application process.”
Applications are now being accepted for both programs. The deadline to apply is Friday, April 28, and businesses that are interested in applying must fill out and submit the online application along with the required documentation.