Centerville, MA: Massachusetts Growth Capital Corporation (MGCC) has awarded Centervillebased
Coastal Community Capital a Small Businesses Technical Assistance Grant to support its
mission of funding small businesses and creating jobs in the Commonwealth.
The grants were announced at a celebratory event in downtown Fitchburg on October 12th at
Strong Style Coffee, a small business that recently benefitted from the grant program. The
event was attended by Lt. Governor Karyn Polito and local elected officials.
The purpose of MGCC’s grant program is to expand economic and entrepreneurial opportunity
in the state of Massachusetts. Grants totaling $2 million were awarded to 40 nonprofit
organizations across the state.
The grant will enable Coastal Community Capital, a community development lender, to provide
business loans, individualized business management assistance and financial training
workshops to businesses, with a focus on low- to moderate-income, underserved communities
and Gateway Cities in Massachusetts. Barnstable is a Gateway City.
“These local grantees have a real impact on job creation and economic development across the
Commonwealth,” said Larry Andrews, President of MGCC. “We now have an independent,
third-party evaluation of the program that confirms the positive impacts as a result of the
program in underserved communities. This year’s grants will provide funding for non-profits to
inclusively support and strengthen small businesses through managerial assistance, education
and access to capital.”
Jeannine Marshall, President of Coastal Community Capital, remarked on the program’s value,
“Because of Mass Growth Capital’s assistance over the years, we have provided millions of
dollars of loans to businesses. In turn, these businesses create vibrant communities generating
economic development activity, building capacity, encouraging economic progress, creating
and retaining jobs and producing wealth.”
About Coastal Community Capital:
The Centerville-based Coastal Community Capital is a community development lender providing
capital statewide. Since inception, Coastal has supported Massachusetts businesses, providing
many millions of dollars in loans and creating and retaining over 5,000 jobs. Coastal lends
directly, and if necessary, partners with the SBA providing up to 25 year, low, fixed interest
rates for real estate acquisition and debt refi. Loans range from $5,000 to $20,000,000. Coastal
also provides business training through one-on-one mentoring and year-round
workshops. Coastal is certified by the U.S. Department of the Treasury as a Community
Development Financial Institution and by the U.S. Small Business Administration as a Certified
Development Corporation. This institution is an equal opportunity provider and employer. For
more information, or to apply for a loan online, visit CoastalCommuityCapital.org.
About Massachusetts Growth Capital Corporation (MGCC):
MGCC is a quasi-public corporation of the Commonwealth that saves and creates jobs at small
businesses, including women, immigrant, veteran and minority owned businesses, by providing
financial services and managerial assistance. MGCC also promotes economic development
throughout the state, focusing on Gateway Cities and low to moderate income communities.
MGCC works with traditional financial institutions to make challenging loans bankable, working
with community development corporations and other non-profits to provide financing for jobproducing
projects, and assisting a wide range of small businesses find the growth capital they
require. Since inception, it has served over 8,850 small businesses, positively impacted more
than 21,200 jobs with customized working capital financing commitments totaling over
$120,000,000. For more information, visit the MGCC website at empoweringsmallbusiness.org.
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