Baker-Polito Administration Awards $3 Million in Small Business Technical Assistance Grants to 47 Non-Profits
Press Release:
HARWICH - Today, the Baker-Polito Administration and Massachusetts Growth Capital Corporation (MGCC) announced $3 million in small business technical assistance grants to 47 non-profit organizations across the state. The state-funded Small Business Technical Assistance Grant Program, administered by MGCC, aims to expand economic and entrepreneurial opportunities in underserved communities throughout the Commonwealth.
Fiscal Year 2020 awarded grants range from $20,000 to $175,000 and enable nonprofit organizations throughout Massachusetts to provide crucial services such as individualized business management assistance, financial training, access to capital and loan packaging services to under-resourced small businesses in urban and rural communities. The grant recipients, selected through a competitive process, are as diverse as the businesses they serve. They include community development corporations, micro lenders and chambers of commerce that are committed to helping small business flourish and improving the local economies of the Commonwealth.
“These local investments create a big impact in communities across the Commonwealth,” said Governor Charlie Baker. “Non-profit organizations strengthen their region’s small businesses, which drive local jobs and the Small Business Technical Assistance Grant Program is critical to the economic and entrepreneurial growth throughout our state.”
Lt. Governor Karyn Polito and Housing and Economic Development Secretary Mike Kennealy joined more than 50 small business owners, non-profit organizations, business development leaders and local elected officials in Harwich to announce the grants. The celebratory event was held at Brax Landing Restaurant, a small business that has been a staple on Cape Cod for decades.
The restaurant is a client of Coastal Community Capital, a program grantee, and also received financial assistance from the 2019 Cape Cod Small Business Emergency Loan Fund. The administration created a $1 million emergency loan fund, capitalized and administered by MGCC, to bolster recovery efforts for local businesses impacted by tornados last summer.
“Since 2015, over 14,000 jobs across more than 10,000 small businesses have been created or preserved as a result of the Small Business Technical Assistance Grant Program,” said Lieutenant Governor Karyn Polito. “We are pleased to award the largest round of SBTAGP funding of our administration to support the small businesses that are the backbone of our downtowns and to build stronger, more vibrant communities.”
“During the series of regional engagement sessions this year, we heard from the business community about needs around access to affordable capital, space, technical assistance, and other resources,” said Housing and Economic Development Secretary Mike Kennealy. “Their input was extremely valuable in drafting a new economic development strategy for the Commonwealth and our administration will continue to increase outreach to small businesses and entrepreneurs in order to understand their needs and address their challenges.”
“The Mass Growth Capital Business Technical Assistance program provides competitive grants to community based organizations across the Commonwealth that make a tangible difference for small business owners,” said Senator Julian Cyr. “Locally on Cape Cod, Martha’s Vineyard, and Nantucket, CDP in Eastham and Coastal Community Capital in Barnstable do excellent work to allocate these funds. I send my congratulations to the grant beneficiaries who are being announced today and will continue to champion funding for this program in the legislature.”
“The Small Business Technical Assistance program is one of the most effective tools we have to incubate and grow small businesses on Cape Cod," said Representative Sarah Peake. "In my District, from Provincetown to Harwich I see businesses thriving, entrepreneurs succeeding and people working in good jobs, all thanks in very large part to this program. I’m grateful for the support of the Baker-Polito Administration.”
“The rapid and extensive response following the tornados by Governor Baker and Lt. Governor Polito, including the creation of the Emergency Loan Fund administered by MGCC, as well as MEMA, Representative Peake, and Senator Cyr helped ensure the tourist season which started so positively continued,” said Harwich Board of Selectmen Chair Larry Ballantine. “With the help of state and federal funding, Harwich has taken steps to take advantage of the ‘Blue Economy’ with renewal of our harbors, such as new docks, harbormaster facility, and snack shack, and we are proud of the restaurants like Brax Landing that have made us a culinary destination.”
“With the financial assistance we received through Coastal Community Capital and MGCC, we were able to recover quickly from the losses sustained due to the tornados that hit during our busiest time of year,” said Jeff Gomes, owner of Brax Landing Restaurant. “These organizations are crucial to helping local small businesses be resilient, educated and competitive.”
“Coastal Community Capital was pleased to partner with MGCC to provide quick access to low cost capital for businesses negatively impacted by last summer’s tornados,” said Jeannine Marshall, Coastal Community Capital President. “The region was at the height of its season and we joined MGCC and the Baker-Polito Administration in wanting to ensure that all impacted businesses had the resources needed for success during that critical economic period. Brax Landing Restaurant lost power for several days resulting in significant food loss which impacted their cash flow. We were happy to help out with a low interest rate loan!”
“This program leverages the existing array of successful regional economic development organizations by investing funds into what we know is already working,” said Larry Andrews, President and CEO of MGCC. “These grants empower technical assistance providers to strengthen the economic vitality of their communities and access resources for their local small businesses. Their outreach is consistent with the priorities of the Baker-Polito Administration’s Partnership for Growth: A plan to enable the Commonwealth’s regions to build, connect and lead.”
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To read the full press release, click here: Mass.gov
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