How Can A Massachusetts Business Loan Help My Business
From the Berkshires to Boston and Cape Cod, Massachusetts consumers love small businesses. Not only can a small business loan in Massachusetts help your company get off the ground, financing can help you expand and reach more customers. As the state is deeply rooted in the bustling Northeast Corridor, you can take advantage of this economically-rich location with capital from a business loan.
Small Business Loans Or Free Grants For Females Or Minorities In Massachusetts
The list of resources below is updated daily with assistance programs for MWBE and BIPOC owned businesses . While most of the grants and low cost loans for minority or female businesses are for businesses located in the major cities such as Boston, Cambridge, or Springfield, assistance is offered statewide as well.
You Search For Small Business Grants For Women In Massachusetts Is Over
A Google search for women business grants will bring up a long list of sites. But most either look like scams or complicated government sites. And nearly always, these sites want personal information, financial disclosures, interviews and theres an exhausting form to fill out.
Were not your typical grant site. WomensNet helps you find real grants, loans, and other funding. Yes, youre still going to have to put in some hard work and time. But if youre serious about getting your business to the next level, youll find our site a big help.
The best place to start is with our Amber Grant for Women. Business women from Massachusetts are eligible to apply for this grant. And every month, our judges award $10,000 to women-owned business. Even better the 12 monthly winners compete for a year-end Amber Grant of $25,000. So, a few minutes of your time can translate into $35,000 in grant money for your business.
After youve applied for our grant, please take a bit of time to check out the resources below. There are folks in Massachusetts waiting to help women business owners just like you!
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Types Of Massachusetts Small Business Loans
Home to several major universities and research institutions like Harvard and MIT, Massachusetts has a tremendous pool of talent for small businesses to hire from. Also, people in the Bay State love and support small businesses. The right business loan can be instrumental in helping your company to grow to reach this talent and demand.
Small Business Administration loans are serviced by private financiers, but are in part backed by the SBA. With this financing option, interest rates might be favorable, but the application process can stretch on for some time.
Line of Credit
If you want to buy what your business needs, but dont need a massive amount of funding sitting in your bank account, a line of credit might be the wisest choice. You agree to a credit limit but only repay what balance you actually use.
Term loans might be what come to mind when you think of generic small business loans. In a term loan agreement, a financier provides your business with a lump sum loan upfront, which you then repay with interest over time
You can obtain needed business equipment with equipment financing and begin putting it to work right away. As you use the machinery, you repay the financier for the cost of the equipment over time.
Accounts Receivable Financing
Your unpaid invoices become valuable collateral in an accounts receivable financing arrangementfinanciers will approve a loan based on the amount your clients owe you.
Free Legal Assistance For Small Businesses
You can also receive help from the COVID Relief Coalition, a group of Massachusetts non-profits, law firms, and governmental agencies of which the Attorney Generals Office is a part. The Coalition helps small businesses and non-profit entities in the greater Boston area with one-on-one advice about access to emergency loans and other sources of relief. The Coalition will also provide you with free pro bono legal advice from an attorney and should respond to your request for help within 24 hours.
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This Massachusetts Business Marketing Grant Is For You If:
Covid-19 has disrupted sales, lead generation, and depleted your staff
Youre too busy working IN your business not ON your business
Its difficult for customers to find you and you know theres an easier way
You need a solid marketing plan, not the next new marketing trick
Total marketing reimbursement sounds like a no-brainer
Which Loan Is Right For My Massachusetts Business
In creating your business plan and loan application packet, think about what types of loans will help you take advantage of Massachusettss deep talent pool and the populations penchant for small businesses. Some financing types, like term loans and SBA loans, have favorable repayment terms but take longer to get approval and have more intense application procedures. Other loan types, like lines of credit and accounts receivable financing, may have slightly higher interest rates but may be approved much faster.
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Cambridge Announces New Small Business Relief Grant Program
The City of Cambridge announced the next round of small business relief grants today which will award over $2,000,000 to eligible Cambridge businesses. Earlier this year, the City offered grants to restaurants and night life venues and this grant program is open to businesses across multiple sectors.
The new Small Business Relief Grant program, funded through the American Rescue Plan Act , will provide relief to local, non-franchise/chain businesses with 50 or fewer full-time employees impacted by the COVID-19 pandemic. Businesses citywide will be able to apply for grant awards of $10,000 for allowable business expenses such as payroll, rent, personal protective equipment, utilities, inventory, and equipment. Applications will be accepted from May 9-31, 2022 and are available at www.cambridgema.gov/covid19/business.
As we have done throughout the pandemic, I am proud of the Citys continued efforts to support Cambridge small businesses, said City Manager Louis A. DePasquale. This new grant program builds on the $2,500,000 in relief funds we made available to Cambridge restaurants and nightlife venues earlier this year, and I encourage all eligible businesses to apply.
Cambridge businesses with 50 or fewer full-time employees are invited to apply. Businesses in the following industries are encouraged to apply.
- personal services
- travel and event planning/production
Massachusetts Small Business Grant Resources
If you are searching for resources to apply for business a small grant, then here we have listed down some official links with the required information. Lets find out the useful information first.
The Small Business Administration has established special centers for small businesses to avail the of federal services by gaining information.
Small Business Development Centers in Massachusetts are always open with their available grants. The available grants are open for all types of business owners.
Massachusetts Small Business Grant Resources Massachusetts Small Business Grant Resources
They need to fill in the application form and mention all their requirements, including the funds they expect. The application will then be checked by the authority and they will declare the names.
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Technical Assistance & Outreach Partners
Small Business Grants Awarded. NEW Sector-Specific Relief Grant Program Announced
- Over 11,000 applications for the State’s Small Business Relief grants were received in November.
- 1158 small businesses were awarded these COVID-19 Small Business Grants through MGCC in the first round of $50.8 million on 12/21/2020.
- Governor Baker announced an additional $668 million to fund the grant program on 12/23/2020.
- Existing applications submitted to MGCC will be considered first in this second round of funding. Those applicants should not apply for the new Sector-Specific Relief Grant program.
- A new Sector-Specific Relief Grant program_will be created, targeting several business areas: restaurants and bars nail/beauty salons indoor recreation, sports & fitness, and event facilities and professionals supporting public events .
The new grant program will open on December 31, 2020 at 12 pm and will close on January 15, 2021 at 11:59 pm. Apply and learn more on the Massachusetts Growth Capital Corporation website. LISC and its partners will continue to work with MGCC to assist applicants, connecting small businesses to business advisors from organizations across the state.
Check back soon for more information. Sign up below to receive help with your application through upcoming workshops and one-on-one assistance.
Launched October 2020
Starting A New Business
Starting a business is easier than you think. Use these easy steps to jump-start the process of launching your company. Planning for every aspect of your business and having expert resources available is key to success. This guide will show you the steps to follow and the resources at your disposal.
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The Massachusetts Growth Capital Corporation Has Several Grant Programs For Small Business Owners They Are:
The Biz-M-Power crowdfunding matching grant program offers small businesses in Massachusetts financial assistance with their acquisition, expansion, improvement or lease of a facility, purchase or lease of equipment, or with meeting other capital needs for the business. Eligible applicants will be empowered to advance their business with an innovative approach to obtaining capital. Through crowdfunding campaigns, these businesses connect with their local residents and stakeholders to advance projects that support economic success and transformation for their business and in their communities. This program is funded by the Commonwealths Operating Budget for Fiscal Year 2021.
Preference shall be given to low to moderate brick-and-mortar small businesses owned by women, minorities, immigrants, non-native English speakers, U.S. military veterans, disabled individuals, members of the LGBTQ+ community, and businesses operating in Massachusetts Gateway Cities.
Get A Tax Id And Learn About Tax Rules
Prior to registering your business with the state, you’ll need an “Employer Identification Number” , issued by the IRS. Obtaining one is free and can be done easily online.
Understanding and managing taxes is an important part of running a successful business. Here you’ll find many helpful resources on this vital topic.
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Massachusetts Free Grants And Loans For Minority And Women Owned Businesses
Minority, veteran, immigrant, LGBTQ and female owned small businesses in Massachusetts can get free financial help, coaching, and other support. Find how and where to get financial assistance as well as how to apply near you below. There are funds from charities, corporations, non-profits, as well as the state of Massachusetts and federal government.
Any small business, startup company, entrepreneur, or sole-proprietor can apply. Many of the small business grants give priority to Black women or Asian owned businesses in MA. However, each of the lenders, and their programs, will be allocated some of the funds to disadvantaged businesses. This may be a Black owned company in Massachusetts or a Latino business. Free grants may also be for LGBTQ companies, veterans, the disabled, and other minority businesses.
Any funds will often be combined with other assistance. As the lender or small business grant programs in Massachusetts often give clients free business advice, such as coaching, marketing assistance, website development, counseling and more.
Massachusetts Small Business Grants Overview
The pandemic is not over yet. Every country is trying to re-establish its industries that have been shut down completely due to coronavirus and its post-effects.
If you live in Massachusetts and lost your business, then you should follow the Massachusetts Small Business Grants and its resources listed below.
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Ultimate Guide To Small Business Grants In Massachusetts
Are you a small business owner looking for grants in Massachusetts? You’ve come to the right spot. This page contains grants that are currently open for Massachusetts small businesses. Bookmark this page as we update it frequently.
Pro tip: Be the first to hear about new Massachusetts and nationwide grants .
Grants For Massachusetts Small Businesses In 2022
The COVID-19 pandemic might have affected your small business, like all other hard-hit small businesses, in 2022. Various business grant programs are available to small businesses, families, and communities. These resources and information will assist small businesses in Massachusetts grow and sustaining their business.
Massachusetts has $22.38 billion in federal government grants and $15.2 billion in local government funding. There is no restriction on the type of business that can apply for Massachusetts funds. Massachusetts has 138,370 businesses and 8,000 farms.
In addition to launching marketing campaigns, hiring more staff, and bridging cash flow gaps, grants can be extremely beneficial to eligible businesses. Salary and payroll payments in Massachusetts total $153.78 billion each year. The number of bankruptcy petitions filed by Massachusetts residents every year totals 22,942. Federal grants cannot be awarded to a new start-up or an existing expanding business. In addition to government grants, private grant awarding bodies can provide funding for start-ups and expansions of existing businesses.
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Grant Assistance Available For Small Business Owners Impacted By Covid
Attention Brockton Small Businesses:
The Sector-Specific Relief Grant Program for Massachusetts Businesses will open on December 31st for grant applications from small businesses suffering from COVID-19 related losses. Small businesses can apply to receive grants up to $75,000, but awards may not exceed more than three months of operating expenses. $668 Million in funds have been allocated to small business relief in Massachusetts from the federal government and from the Commonwealths own reserves.
The first round of grant funding will be dispersed to businesses that have already applied for support. Applications open on December 31st, 2020 at noon for the next funding cycle. Applications will close on January 15th, 2021 at 11:59 PM. The Massachusetts Growth Capital Corporation will be responsible for accepting the grant applications.
The grant application, instructions, and business eligibility requirements can be found at:
Year Round Resources For Financial Help Free Grants And Loans In Massachusetts
Find how to get free grants, low cost or 0% loans, and other financial assistance programs in MA that are offered all year long. There are details category, which can include the county, geography and part of the state. Many other non-profit and government programs are released throughout the year, and scroll down the page for more financial resources.
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Fy22 Small Business Technical Assistance Grant Program Overview
Massachusetts Growth Capital Corporation is pleased to announce that it is accepting applications for participation in the Fiscal Year 2022 grant program. MGCC is seeking proposals for technical assistance for underserved small businesses in Massachusetts. MGCC will accept applications from not-for-profit organizations that currently provide technical assistance and training programs to small businesses and start-ups. These grants are intended to supplement the organizations current and anticipated funding and not to be the primary funding support. If applying organization currently receives, or will receive, funding from the Commonwealth of Massachusetts for its small business assistance program, articulate how those funds are being used and how funding from the Small Business Assistance Grant Program will not be duplicative.
Grant proposals shall identify specific counseling and training programs that assist these small businesses to:
- Secure new or increased financing for growth.
- Secure Empower Digital Grants .
- Kick-off crowdfunding campaigns through the Biz-M-Power grant .
- Achieve stability and viability.
- Create/retain jobs.
- Increase the economic vitality of the neighborhood, community, or region.
What Massachusetts Small Business Grants Are Available
If your business operates in an innovative or high tech sector, there are grants that might be applicable to you in Massachusetts and the state keeps a list of these. In addition, the government and several non-profits offer grants to small businesses in a wide range of fields. Look into MGCCs many granting programs and also research Massachusettss State Trade Expansion Program .
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Western Massachusetts Women And Minority Small Business Financial Assistance Programs
Womens Fund of Western Massachusetts, which is based in Springfield but covers the western part of the state , is a non-profit that helps women-owned businesses and entrepreneurs. Several programs are offered. They run a Leadership Development Program, which is peer to peer counseling and mentoring. There are some free grant programs, based on donations to the Womens Fund. There are emergency grants, a Womens Initiative, and other resources from the non-profit. Get more details here.
Sba Paycheck Protection Program
The Small Business Administration has a special Paycheck Protection Program for small business owners who can apply for forgiveness of the loan.
A direct forgiveness portal is active where an applicant can write or fill in the loan forgiveness form to forgive their loans due to business loans during the pandemic period.
Massachusetts Small Business Grant Resources SBA Paycheck Protection Program
If your active loan is $150,000 or less, then you can utilize this program to forgive the loan amount. Visit SBAs Direct Forgiveness Portal for more information. You will get to know about this special program along with its application procedure.
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The Restaurant Revitalization Fund
The RRF grant is specially designed for a particular sector that was heavily affected due to coronavirus pandemic i.e. restaurants and bars.
The owners of restaurants and bars should apply for the Restaurant Revitalization Fund program to avail the financial support of up to $10 Million.
The applicant must include information about the total loss of their business during the pandemic period. As per their application, the fund will be released.
Massachusetts Small Business Grants The Restaurant Revitalization Fund
Boston Area And Eastern Massachusetts Small Business Grants And Loans For Mwbe And Veteran Businesses
Boston Uptima Entrepreneur Cooperative helps small businesses, start ups, and entrepreneurs, with a focus on women and businesses owned by people of color. The assistance programs include interest free microloans from KIVA, Bootcamps, Free Business Advisory services, help developing or enhancing business plans and so much more. Get details on the non-profit here.
Boston female entrepreneurs can get microloans from Grameen America. The non-profit helps women that live in poverty and/or have a low income get the capital they need to start a business. Females with a low income, poor credit, or that are underbanked can get a low cost, or interest free loan, for a business. There are also counseling and coaching services, networking, marketing help and more. Grameen will focus on women of color, immigrants/non-English speakers and similar applicants. Find details here.
Boston Black and Latinx owned businesses can apply for grants, free coaching services, equity and assistance from the Foundation for Business Equity. They help businesses of color grow their revenue from the Pacesetters program. The Foundation also provides capital, equity investments, zero percent interest loans, free grants and more. Black women owned businesses can get grants as well as Hispanic and Latino owned businesses, or get coaching and business advice. Learn more here
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