Massachusetts Growth Capital Corporation (MGCC) is currently accepting applications for the Inclusive Grant Program.
Donor Name: Massachusetts Growth Capital Corporation (MGCC)
State: Massachusetts
County: All Counties
Type of Grant: Grant
Deadline (mm/dd/yyyy): 04/04/2022
Size of the Grant: $75,000
Details:
In response to the COVID-19 pandemic, the Commonwealth of Massachusetts has made $50,000,000 available 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. MGCC will administer grants up to $75,000 for eligible small businesses.
Priority will be given to businesses that fit the below conditions:
- Located in a Gateway City
- Have not received relief aid from Federal, State or local programs
- Priority given to smaller companies based on revenue size
Funding Information
Maximum grant amount is $75,000 and a minimum of $10,000. 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.
Approved Use of Funds
- Employee payroll and benefit costs
- Costs to retain employees
- Business mortgage or rent
- Utilities
- Interest on other debt obligations incurred after March 3, 2021
- Operating costs as a result of COVID-19 and measures taken to contain spread of the virus
- Costs associated with adopting safer operating procedures
- Cost to implement COVID-19 prevention or mitigation tactics, i.e. physical plant changes to enable social distancing, enhanced cleaning efforts, barriers or partitions
- Cost to enhance outdoor spaces for COVID-19 mitigation (e.g., restaurant patios)
Eligibility Criteria
Businesses eligible to receive an Inclusive Grant must meet all the qualifications below:
- 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
- line 28, IRS Form 1040 Schedule C
- line 24, IRS Form 1120-C
- line 20, IRS Form 1120-S
line 27, IRS Form 1120 - line 21, IRS Form 1065
- Business revenues must be between $40,000 to $2,500,000 based on 2020 Federal Business Tax Returns
- line 1, IRS Form 1040 Schedule C
- line 1c, IRS Form 1120-C
- line 1c, IRS Form 1120-S
- line 1c, IRS Form 1120
- line 1c, IRS Form 1065
- 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
For more information, visit Inclusive Grant Program.
