Important Notice:

If you applied to MGCC's Small Business Recovery Loan Fund, we encourage you to apply for additional support. Due to the availability of federal funds, MGCC's Small Business Recovery Loan Fund is closed.

 

Small Business Recovery Loan Fund

The Baker-Polito Administration announced economic support for small businesses with a $10 million loan fund to provide financial relief to those that have been affected by COVID-19.

The $10 million Small Business Recovery Loan Fund will provide emergency capital up to $75,000 to Massachusetts-based businesses impacted by COVID-19 with under 50 full- and part-time employees, including nonprofits. Loans are immediately available to eligible businesses with no payments due for the first 6 months. Massachusetts Growth Capital Corporation (MGCC) has capitalized the fund and will administer it.
 

How to Apply

Please complete the application found on MGCC’s website, EmpoweringSmallBusiness.org. Completed applications can be sent via email to mgcc@massgcc.com with the subject line “2020 Small Business Recovery Loan Fund”.

MGCC can be reached by email: mgcc@massgcc.com
 

Loan Fund Details

• Who Qualifies: Open to Massachusetts-based businesses impacted by COVID-19 with under 50 full- and part-time employees, including nonprofits (negative impact must be verifiable).
• Terms and Conditions: This fund is being offered with no payments due for the first 6 months, then 30-months of principal and interest payments and no prepayment penalties.
• Businesses can apply for loans up to $75,000.