Baker-Polito Administration Announces $10 Million Small Business Recovery Loan Fund

Filed Under: COVID-19 Resource Center
The Baker-Polito Administration announced today 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.
“As our administration continues to take steps to protect the health and safety of residents, we recognize the hardships facing the small businesses that create the foundation of the state’s economy,” said Governor Charlie Baker. “This recovery loan fund is a new resource to help small businesses address emergency needs due to the disruption caused by the ongoing COVID-19 pandemic.”

“Small business owners and their employees are our neighbors and our friends, and their enterprises play vital roles in our communities, and we are committed to helping them cope with the impacts of COVID-19,” said Lt. Gov. Karyn Polito. “As we announce this small business recovery loan fund, we will continue to work with the Legislature and our federal partners to find ways to effectively provide assistance during this public health emergency.”

How to Apply:
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.

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