State-level sponsored loans, grants, and other funding programs to help MA-based small business owners during the COVID-19 crisis can be found here.

Financial Aid/Loans

MA North Central Massachusetts Development Corp

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Loans up to $20,000 are offered to small businesses impacted by COVID-19.

MA GCC Microloan Program

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The Microloan Program provides financing to existing Massachusetts small businesses to assist with working capital, or the purchase of furniture, fixtures, supplies, materials, and/or equipment.

  • Term loans range from $5,000 to $50,000.
  • Amortization of up to six (6) years.
MassDevelopment Equipment Financing

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Provides equipment loans to companies who are expanding operations and need to purchase new or used equipment.

  • Up to $2,000,000 available for eligible applicants
  • Fixed rate financing
  • Loan terms up to seven (7) years.
  • Loan advance rates up to 85% of the cost of new equipment
  • Exporters may receive 100% financing for new equipment
Cooperative Fund of New England

More Info

1-800-818-7833
cfne@coopfund.coop

A $1M Emergency Cooperative Enterprise Relief Loan Fund for cooperatives in New England and parts of New York State who are seeing a dramatic loss of customers and revenue as a result of the COVID-19 pandemic. They are also offering a 60-day suspension of payments to borrowers that are at highest risk and greatest need.

  • Cooperative loan funding
  • Specific to co-ops in New England
  • Service Area: Statewide
FuturesFund (Finance Management)

Provides loans to help stabilize existing Black-owned small businesses. 

Click here

The Empower Grant for Small Businesses (CLOSED)

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The Empowerment Grant Program aims to support the well-being and continuity of small businesses by providing access to capital and empowerment through engaging in OEE resources.

  • Funding decisions were made by June 12, 2020
Local Initiatives Support Corporation (LISC) Boston Grants (CLOSED)

Provides grants of up to $10k to hard-hit small businesses to weather the immediate financial impact of COVID-19 related measures.

Round 6 of applications now closed.

Massachusetts Growth Capital Corporation Empowering Small Businesses Grants (CLOSED)

The Commonwealth of Massachusetts has made $50.8M in grants available to support small businesses. Preference will be given to small businesses whose owners are women, minorities, veterans, members of underrepresented groups, who are focused on serving the Gateway Cities of Massachusetts, applicants that have not been able to receive aid from other federal programs related to COVID-19, and those most negatively impacted by the COVID-19 pandemic. 

The application was open for 3 weeks from 10/22/2020 - 11/17/2020; awaiting guidance on additional future funding.

Small Business Strong - Woman Financial Aid Assistance
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Other Resources/Support

Interise (Training Programs)

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Training programs for small businesses. One-week online program with various sessions each focusing on a business topic critical for small business owners to navigate uncertainty and survive financial shock (employees, finances, accessing capital, etc). Contains additional training programs not specific to COVID-19. Location/services statewide.

Technical Assistance for Massachusetts Small Businesses

Resource List (pdf)

Has organization names and contact information for groups that can provide technical assistance to MA small businesses. This is additional support provided by MGCC (Massachusetts Growth Capital Corporation) on top of their $10M Small Business Recovery Loan Fund, which is now closed due to the availability of federal funds (https://www.empoweringsmallbusiness.org/)

MA Emergency Management Agency (MEMA)

More Info + Resources

MEMA has launched a hotline specifically for small businesses who are experiencing financial hardships or who have questions about how the state can support them.

  • Call the hotline: (508) 820-2094.
WorkShare (Employee Support)

Program that offers a smart alternative to layoffs. Employees work reduced hours while collecting unemployment benefits to supplement their lower wages.

Click here

ServSafe (Customer Engagement)

Online training courses for restaurant/food businesses on safe practices for food handling on takeout and delivery.

Click here

Additional: Economic Bond Bills

Two separate economic bond bills that would provide additional relief to small businesses are currently going through the State House and Senate legislative processes. For more information about these bills, see the links below.

Bill H.4879-State House Bill
Amendment S.2842- State Senate Amendment