A new $75 million grant is now available for small businesses in Massachusetts

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A new $75 million grant is now available for small businesses in Massachusetts

On February 23, 2022, the Baker-Polito Administration announced the launch of a new $75 million grant program to support Massachusetts small businesses impacted by the COVID-19 pandemic.

Two grant programs are available:

The New Applicant Grant Program will award $25 million to support COVID-19-affected small businesses that did not previously qualify for financial relief from MA Growth Capital Corporation’s relief grants because of a lack of documented revenue loss.

The Inclusive Grant Program will award $50 million to COVID-19-affected small businesses that either reach underserved markets and historically underrepresented groups; are minority, women, or veteran-owned businesses; or are owned by individuals with disabilities or who identify as a member of the LGBTQ+ community.

Under both categories, grants will range from $10,000 to $75,000, and will be capped at the lesser of $75,000 or three months of operating expenses. Grant funding can be used for employee and benefit costs, mortgage interest, rent, utilities, and interest on debt.

Applicants must demonstrate that business revenues for 2020 were between $40,000 and $2.5 million.

The application deadline is April 4.