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Baker-Polito Administration Launches New $75 Million Small Business Relief Program
February 23, 2022
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Baker-Polito Administration Launches New $75 Million Small Business Relief Program
New program directs $50 million toward businesses reaching underserved markets, minority-, women-, and veteran-owned businesses, and $25 million for businesses that did not qualify for prior MGCC aid
Baker-Polito Administration announced the launch of a new $75 million grant program to support Massachusetts small businesses impacted by the COVID-19 pandemic. The new program is part of the plan to spend $4 billion in American Rescue Plan funding that was signed into law by Governor Charlie Baker in December 2021. The new program is modeled after Massachusetts Growth Capital Corporation’s (MGCC) successful COVID-19 small business relief program. Under that effort, which became the biggest state-sponsored business relief program in the nation, MGCC oversaw the distribution of approximately $705 million to over 15,000 small businesses across Massachusetts. Today’s announcement was made at Luanda Restaurant and Lounge in Brockton, a family-owned business that received financial support through MGCC’s prior COVID relief grant program.
The $75 million will be focused on small businesses that employ between two and 50 people, with $25 million directed toward businesses that did not qualify for previous MGCC grants because of a lack of revenue loss in 2020; and $50 million directed to businesses that reach underserved markets and historically underrepresented groups, or are minority-, women-, or veteran-owned businesses, or are owned by individuals with disabilities or who identify as a member of the LGBTQ+ community.
Learn more at EmpoweringSmallBusiness.org.