Massachusetts Small Biz Hit Hard by CoronaVirus Can Tap into $10 Million Recovery Loan Fund

Emergency capital of up to $75,000 (per business) is being quickly made available to qualifying Massachusetts-based businesses hit hard by COVID-19, otherwise known as the coronavirus. Companies must employ under 50 full and/or part-time employees. This funding also includes nonprofits. Loans are immediately available to eligible businesses with no payments due for the first six months, followed by 30-months of principal & interest payments with no prepayment penalties.

This fantastic lifeline is being thrown to Bay state small biz by the Baker-Polito Administration as part of a $10 million Small Business Recovery Loan Fund. It is being capitalized and administered by Massachusetts Growth Capital Corporation (MGCC).

If you operate a small biz in another state, please check with your governor’s office to see if it has launched or is thinking of initiating a similar safety net.

“As our administration continues to take steps to protect the health and safety of residents, we recognize the hardships facing the small businesses that create the foundation of the state’s economy,” said Governor Charlie Baker. “This recovery loan fund is a new resource to help small businesses address emergency needs due to the disruption caused by the ongoing COVID-19 pandemic.”

“Small business owners and their employees are our neighbors and our friends, and their enterprises play vital roles in our communities, and we are committed to helping them cope with the impacts of COVID-19,” said Lt. Governor Karyn Polito. “As we announce this small business recovery loan fund, we will continue to work with the Legislature and our federal partners to find ways to effectively provide assistance during this public health emergency.”

“Our office remains in regular contact with the state’s business community to provide updates and receive feedback as the administration continues to expand its comprehensive COVID-19 response,” said Housing and Economic Development Secretary Mike Kennealy. “These new recovery loans complement other resources like the state WorkShare program and federal Economic Injury Disaster Loan program, as well as legislative efforts by the administration to support impacted workers.”

“MGCC is committed to helping support the Commonwealth’s small businesses through this time,” said Lawrence Andrews, President and CEO of MGCC. “We are proud to offer this fund as it serves our mission to save jobs and promote economic development. All processing and funding will take place online through MGCC staff.”

How to Apply for the Recovery Loan Fund

Complete the application as found on MGCC’s website, EmpoweringSmallBusiness.org. Then send it via email to mgcc@massgcc.com with the subject line “2020 Small Business Recovery Loan Fund.”

For further questions, MGCC can be reached by email: mgcc@massgcc.com

As I come across similar info to help small biz in any state, I will share. If you hear of anything in your home state, please let me know at amssvs@gmail.com.

Published by Anthony Scialis, Social Media Content Creator

My name is Anthony Scialis and I used to be a newspaper writer. For over 40 years I covered the business and entertainment beats for community newspapers & magazines. Now, I use research & writing experience to provide Small Business Owners with customer-centric information. I assist with writing blogs and tweets, freeing up small biz owners to focus on what they enjoy and do best— run their businesses.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: