Deadline: 4-Apr-22
The Massachusetts Growth Capital Corporation (MGCC) is seeking applications for the Inclusive Grant Program to support small businesses negatively impacted by COVID-19.
This program targets businesses that focus on reaching markets predominantly made up of socially and economically disadvantaged and historically underrepresented groups, underserved markets, and those owned by minorities, women, veterans, disabled individuals, or those that identify as part of the LGBTQ+ community.
Funding Information
MGCC will administer grants up to $75,000 for eligible small businesses.
Eligibility Criteria
-
Business must meet at least one of the following criteria:
- Minority-owned
- Woman-owned
- Veteran-owned
- Disability-owned
- LGBTQ+-owned
- Focus on reaching markets predominantly made up of socially and economically disadvantaged and historically underrepresented groups or underserved markets
- Business must be Massachusetts-based operating in-state that has been negatively impacted by the COVID-19 pandemic
- Address on your Federal Business Tax Return must be within Massachusetts
- Business must be a for-profit entity (sole proprietorship, partnership, corporation, cooperative or LLC)
- Business must be owned by individuals
- Business owners must have one of the following: Social Security Number or ITIN
- Business must currently have between 2-50 full-time equivalent (FTE) employees, one of which is the owner
- Business must have a minimum of $40,000 in operating expenses based on 2020 Federal Business Tax Returns
- Business revenues must be between $40,000 to $2,500,000 based on 2020 Federal Business Tax Returns
- Business must be currently in operation
Ineligible
Business owner cannot hold an ownership interest (percentage) in any other business applying for this same grant
- Businesses owned in whole or in part by corporations, trusts, LLCs, partnerships or cooperatives
- Businesses owned by persons under age 18
- Businesses owned in whole or in part by foreign individuals (non-permanent resident) or corporations
- Businesses that are chains (chains are defined as businesses not headquartered in Massachusetts with multiple locations)
- Massachusetts-based franchisees with more than 3 locations
- Businesses primarily engaged in political or lobbying activities
- Real estate rentals/sales businesses
- Cannabis-related businesses
- Non-profit organizations, Churches, or religious institutions
- Member-services organizations (social clubs)
- Government-owned entities or elected official offices
For more information, visit Massachusetts Growth Capital Corporation.
For more information, visit https://www.empoweringsmallbusiness.org/inclusive-grant-program
