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
For further questions, MGCC can be reached by email: firstname.lastname@example.org
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 email@example.com.