Sponsoring Agency: Massachusetts Growth Capital Corporation (MGCC)
Deadline Available: Not Available
Deadline Date (mm/dd/yyyy):
Size of the Fund: Less than USD $50,000
Massachusetts Growth Capital Corporation (MGCC) will be administering funds from the Community Development Block Grant COVID-19 (CDBG-CV) program to 23 municipalities for microenterprise assistance.
These special CDBG-CV funds were appropriated through the CARES Act of 2020 and are being awarded to Department of Housing and Community Development (DHCD) by the Department of Housing and Urban Development (HUD).
CDBG-CV Microenterprise Assistance grant funding will support qualifying Microenterprises adversely impacted by COVID-19, giving priority to minority status owned business (Minority, Women, Veteran, Disability, and LBGTQ+).
Funding Information
Up to $10,000 per business with demonstrated costs greater than or equal to the amount requested. Businesses may also be considered for additional grants.
Approved Use of Funds
Funds may be used for working capital to cover business costs, such as rent, staffing, utilities, technical assistance, general support and stabilization of the business. Funds may also be used for purchasing personal protection equipment (PPE).
Eligibility Criteria
• Business must have a physical establishment in one of the following cities/towns: Ashland, Beverly, Burlington, Canton, Concord, Dedham, Essex, Lexington, and Manchester by the Sea, Marlborough, Melrose, Milton, Natick, North Reading, Norwood, Randolph, Reading, Sharon, Southborough, Stoneham, Watertown, Winchester or Woburn. (UPDATE, 11/30/20 – Businesses looking to apply from the town of Norwood, please be advised that funds allocated for the town have been exhausted.)
• Business must be a microenterprise (a commercial enterprise that has 5 or fewer employees, 1 or more of whom owns the enterprise).
• Business owner(s) must qualify under the Low-Moderate Income (LMI) Limited Clientele national objective criteria. All owners of the business must earn an annual income equal to or less than 80% of the Area Median Income (AMI) based on family size.
• Business must be a for-profit entity (sole proprietorship, partnerships, corporations, or LLCs).
• Business must provide goods or services to multiple clients or customers.
• Business must be able to document a loss of income equal to or greater than requested assistance due to COVID-19.
• Business must be currently in operation and have been established prior to 10/01/2019.
o Business must be in good standing with the state and city/town:
o Business must be current on all taxes due through 3/1/2020; and
o Have active and valid state licenses/registrations, if applicable; and
• Not a party to litigation involving the Commonwealth or municipality you operate in.
• Ineligible businesses:
o Real estate rentals/sales businesses;
o Businesses owned by persons under age 18;
o Businesses that are chains;
o Liquor stores;
o Weapons/firearms dealers;
o Lobbyists; or
o Cannabis-related businesses.
More information at: https://massgcc.submittable.com/submit
