Deadline: 4-Apr-22
The Massachusetts Growth Capital Corporation (MGCC) is seeking applications for the New Applicant Grant Program to support small businesses negatively impacted by COVID-19 that have not previously received financial relief from MGCC’s COVID-19 Relief Grant Programs.
Funding Information
Grants will be capped at the lesser of $75,000, which shall be equivalent to 3 months of annualized operating expenses, as evidenced by 2020 Federal Tax Returns.
Eligibility Criteria
Businesses eligible to receive a New Applicant Grant must meet all the qualifications below.
- Business has NOT previously received financial relief from MGCC's prior COVID-19 Relief Grant Programs
- Business did not qualify for previous grants due to a lack of revenue loss in calendar year 2020
- 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 owner(s) must have one of the following: Social Security Number or Individual Tax Identification Number (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
- Business must have been established prior to 09/30/2020
- Business must be in good standing with federal, state and city/town:
- Business must be current on all taxes; and
- Have active and valid state licenses/registrations, if applicable
Ineligible
- Businesses that did not experience a negative economic impact from the public health emergency
- Business owner cannot hold an ownership interest (percentage) in any other business applying for this 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/new-applicant-grant-program