State Awards Funds for Minority-Owned Small Businesses

Governor Charlie Baker

HYANNIS – Governor Charlie Baker has announced nearly $49 million in grants for small businesses disproportionately impacted by the ongoing COVID-19 pandemic. 

The funds will be awarded through the COVID-19 Small Business Grant Program administered by the Massachusetts Growth Capital Corporation (MGCC). 

All of the businesses who are receiving grants in this round of funding meet the preferred criteria of being owned by women, minorities, veterans, individuals with disabilities, or that identify as LGBTQ, said Baker. 

“[Small businesses] have done everything in their power to keep their staff and their customers as safe as they possibly can and to commit to the state’s very aggressive safety protocols. But even the most creative businesses, especially small ones, need support. Especially those in our gateway cities and our neighborhoods of color,” said Baker. 

MGCC worked with local nonprofits, small business technical assistance providers, and other organizations that support minority enterprises, including the Black Economic Council of Massachusetts, Amplify LatinX, the Business Equity Initiative.

Over 10,000 applications were sent to the Small Business Grant Program seeking funds totaling over $500 million. 

The 1,158 successful applicants will be notified that they have been awarded grants and given further instructions on how to complete the grant process. 

“These grants prioritize businesses owned by underrepresented entrepreneurs and those that did not, or were not able to, access the federal Paycheck Protection Program or other federal or state aid,” said Baker.

In the FY21 budget recently signed by Governor Baker, an additional $17.5 million was allocated for the Small Business Grant Program, to be distributed using the same criteria. 

MGCC will review applications already submitted for the second round of additional funding, and small businesses that have not received awards do not need to reapply. 

The budget also includes $17.5 million for community development financial institutions grants and loans, 5$ million for small business technical assistance, and $3.9 million for digital tools. 

The Administration also recently filed a $107.4 million supplemental budget bill for FY2021, which proposes $49.4 million for economic recovery and small business relief plans included in the Administration’s revised FY21 budget proposal.