Yesterday, Massachusetts' Healey-Driscoll Administration announced a $5 million grant distribution via the Massachusetts Growth Capital Corporation's Small Business Technical Assistance (SBTA) Grant Program. The grants will aid 65 nonprofit organizations, bolstering support for entrepreneurs within the state. Governor Maura Healey highlighted the critical role of small businesses in the local economy while underscoring the grant's potential impact on the state according to the press release.
Lieutenant Governor Kim Driscoll asserted that to ensure that innovation remains accessible to all, the funding will help diverse communities and nonprofits. Grant values range from $21,000 to $122,500, focusing on organizations supporting under-represented entrepreneurs such as women, people of color, immigrants, and veterans. Thus, promoting an inclusive business environment through financial support.
The significance of small businesses is enormous, employing almost half the Massachusetts workforce and forming the majority of local businesses, as pointed out by Secretary of Economic Development Yvonne Hao. The grants aim at nonprofits fostering small business success and job creation, fueling the state economy. Larry Andrews, Massachusetts Growth Capital Corporation (MGCC) President and CEO, acknowledged the SBTA Grant Program's role in providing invaluable education and support to entrepreneurs' communities.
Since its inception, the program has awarded $34.7 million through 404 grants, benefiting 33,000 businesses and spawning 43,000 jobs. In 2022 alone, 47 percent of the funding aided businesses in low to moderate-income communities. Minority-owned businesses received 65 percent of the grants, with women-owned enterprises collecting 51%. The MGCC's 2023 Impact Report offers a comprehensive analysis to learn more about the program's economic impact on the state.
In collaboration with the state’s Executive Office of Economic Development, the Massachusetts Growth Capital Corporation, a quasi-public economic development agency, administers the SBTA grant program. Supporting mainly underrepresented-owned small businesses, it focuses on addressing financial and operational concerns through various programs and resources. Collaborating with traditional financial institutions and nonprofit entities such as community development corporations, the MGCC strives to provide financing solutions for projects promoting growth and job creation in small businesses.
The $5 million award from the Healey-Driscoll Administration in the form of the SBTA Grant Program underscores their investment in the growth of small businesses in Massachusetts. By targeting traditionally underrepresented entrepreneurs, the state is taking steps to foster an inclusive, equitable economic landscape. The grant distribution aims to drive job creation and growth across the state, strengthen communities, and ensure entrepreneurship is accessible to everyone, regardless of their background.
