To our Valued Clients and Associates,
On Thursday October 22, the Commonwealth of Massachusetts announced a new grant program for small businesses. The two-tiered program offers grants of up to $25,000 for businesses with five or less employees, while companies with between six and 50 workers can apply for up to $75,000.
The state grant program is not first come, first serve. Instead, applications will be considered based on how hard applicants were hit by the pandemic, as well as whether they have already been able to access federal relief funds (preference will be given to those who have not). Additionally, the program will prioritize companies owned by women, minorities, veterans, and other underrepresented groups that serve the state’s Gateway Cities, which have more or less seen persistently high levels of COVID-19. The application period for applying for these grants began at 12:00 pm on October 22 and will run until 12:00 pm on November 12.
The Massachusetts Growth Capital Corporation is administering the program and there are specific requirements and restrictions related to who can apply for these funds and what the funds can be used for. You can review the specific details, requirements, and applications via this link.
As always, we will advise you of any additional guidance as it becomes known. If you have any questions, please contact us directly.