New COVID-19 Pandemic Response Small Business Grant Programs!
On Wednesday, February 23, Governor Charlie Baker announced the official launch of $75 million in ARPA spending, which will help provide relief for many small businesses in the Commonwealth. This fund allocates $50 Million in grant funding, that will target small businesses owned by socially and economically disadvantaged individuals or those in underserved markets. The remaining $25 million will target small businesses that did not receive a MGCC grant in the prior $700M+ grant program. The deadline to apply is April 4 so business owners have time to prepare an application and get assistance, if needed.
The Coalition for Equitable Economy is pleased with the administration's commitment to provide urgent relief to the those impacted small businesses. Our collective organizations are ready to provide technical assistance in multiple languages to help MGCC deploy these funds quickly. As we continue to continue to witness the high demand for financial relief, our advocacy remains focused on long term sustainable resources.
Applications will be available online. For more information please visit MGCC's website.
Massachusetts is home to a rich set of small business resources, but many do not reach small businesses owned by entrepreneurs of color. These small businesses, particularly those owned by Black, Latinx, immigrant and low-income entrepreneurs have been fueling the state’s economy, but they are more vulnerable in recessions. The COVID-19 presents a unique opportunity to build an equitable ecosystem that centers entrepreneurs of color and positions them to contribute to the Massachusetts economy at their full potential.
We imagine a Commonwealth that aggressively cultivates and supports under-resourced small businesses to survive the economic effects of the coronavirus pandemic, and makes sustained investment to make Massachusetts a welcoming and fertile place for such businesses to grow their capacity, resilience, economic power and impact.
ACCESS TO CAPITAL
POLICY & RESEARCH
Underserved owned businesses assisted with PPP applications
Underserved small businesses assisted with MGCC Grant applications
Million for Small Business Technical Assistance
Million for CDFI/CDC small business lending
Million grant program with focus on equity
ABOUT THE COALITION
The Coalition for an Equitable Economy, initially formed by a steering committee of small business support organizations and leaders, seeks to convene and partner with a broad cross-sector coalition of stakeholders from across Massachusetts aligned around a shared commitment to building an equitable small business ecosystem and to the values of racial equity, collaboration, and shared leadership.