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SMALL BUSINESS RELIEF

Posted on: March 20, 2020 - 12:42pm

Small Business Relief 

The Baker-Polito Administration has announced economic support for small businesses with a $10 million loan fund to provide financial relief to those that have been affected by COVID-19.

The $10 million Small Business Recovery Loan Fund will provide emergency capital up to $75,000 to Massachusetts-based businesses impacted by COVID-19 with under 50 full- and part-time employees, including nonprofits. Loans are immediately available to eligible businesses with no payments due for the first 6 months. Massachusetts Growth Capital Corporation (MGCC) has capitalized the fund and will administer it.

How to Apply:

·       Please complete the application found on MGCC’s website, EmpoweringSmallBusiness.org. 

·       Completed applications can be sent via email to mgcc@massgcc.com with the subject line “2020 Small Business Recovery Loan Fund”.

Loan Fund Details:

·       Who Qualifies: Open to Massachusetts-based businesses impacted by COVID-19 with under 50 full- and part-time employees, including nonprofits (negative impact must be verifiable).

·       Terms and Conditions: This fund is being offered with no payments due for the first 6 months, then 30-months of principal and interest payments and no prepayment penalties.

·       Businesses can apply for loans up to $75,000.