Small Business Lending

Whether you’re looking to stabilize or expand your business or are having trouble obtaining traditional financing, MGCC term loans offer you the security of a consistent repayment plan while you increase your cash flow.

Additionally, many of our loans are made in conjunction with bank financing. Typically, the bank will have a senior position on assets.

• Loan amount: Up to $2,000,000

• Secured position on all company assets

• Personal guaranty required of owners with 20% or greater equity

• Interest rate: 10% fixed

• Term: Up to 12-months interest only followed by a 10-year term and amortization

• Loan fees: 1% due at commitment and 1% due at closing

• No prepayment penalty

A line of credit will give your business financial flexibility to meet working capital needs. Lines of credit can be renewed based on your performance.

• Loan amount: Up to $2,000,000

• Demand note

• Secured by a first on A/R and inventory or by a priority lien on contract

• Personal guaranty required of owners with 20% or greater equity

• Eligible for one-year renewal or conversion to term loan

• 1% renewal fee if renewed at MGCC’s discretion

• Interest rate: BoA prime rate plus 1.75%

• 2-point commitment fee

• No prepayment penalty for the life of the line

Bringing access to capital to small business owners to purchase of refinance owner-occupied commercial real estate.

• Loan amount: Up to $2,000,000
• Term: 5 years
• Amortization: Match bank's first mortgage (20-25 years)
• Interest rate: Bank rate plus 2.00%
• Points: 1.00%
• Personal guaranty required of owners with 20% or greater equity
• Collateral: 2nd mortgage on subject property, position on business assets
• Guarantees: Personal and business
• LTV: Not to exceed 90%

Program Eligibility Requirements:

• Owner-occupied properties of at least 25% (no residential units)
• For business purposes, no personal use
• New or existing bank participation

Contract financing mobilizes projects, bridging labor, materials and overhead costs before billing and being paid for work. This program gives business owners the opportunity to access credit promptly in order to meet up-front expenses including working capital and the purchase of equipment and supplies for the job. MGCC’s contract financing will advance business owners earnings for in-progress and upcoming projects to avoid cash flow issues.

• Available to contractors with diversity goals

• Financing available from $25,000 to $500,000 on a revolving basis

• MGCC will advance up to 75% of the contract value to the business

• Demand note

• Secured by a first on A/R and inventory or by a priority lien on contract

• Personal guaranty required of owners with 20% or greater equity

• Eligible for one-year renewal or conversion to term loan

• 1.5% renewal fee if renewed at MGCC’s discretion

• 2-point commitment fee

• No prepayment penalty for the life of the loan

MGCC can provide a guarantee to enable banks to make an enhancement to their loans.

• Loan amount: Up to $2,000,000

• Not to exceed 75% of the bank’s facility

• Term loan or line of credit guaranty available

• Personal guaranty required of owners with 20% or greater equity

• 2-point commitment fee

• 2-point annual renewal fee

• No prepayment penalty for life of guarantee

Our microloans provide financing from $5,000 to $100,000 to Massachusetts small businesses to assist with working capital, or the purchase of furniture, fixtures, supplies, materials, and/or equipment. Learn more here.

In some circumstances, we will provide professional services to small businesses in need of solutions to financial and operational challenges.