State Announces $10 Million in Small Business Assistance for Covid-19 Damages

State Rep. Dan Ryan is joining the Baker Administration in championing an immediate effort to provide $10 million in assistance to small businesses across the state – an effort announced earlier this week in cooperation with the U.S. Small Business Association (SBA).

The money was announced for businesses that have fewer than 50 employees, and Rep. Ryan said it was the right move in unprecedented times. He also urged those who can to support small businesses as much as possible in Charlestown.

“I thoroughly support the actions being taken by our state government over the past week,” he said. “These are unprecedented times we are in. I would much rather look back and say ‘maybe we did too much’ than say ‘if only we had done more’. With that said, many of our small businesses cannot sustain themselves without money coming through the door. This loan program will help businesses bridge the gap between today’s uncertainty and what is hopefully a prosperous future. I thank the Governor, Speaker Bob DeLeo, Chair Aaron Michelwitz and our Senate partners for working together on this loan program and other issues that are before us. Be well. Support our local shops when and if you can.”

The $10 million Small Business Recovery Loan Fund will provide emergency capital up to $75,000 to Massachusetts-based businesses impacted by COVID-19 with under 50 full- and part-time employees, including nonprofits. Loans are immediately available to eligible businesses with no payments due for the first six months.  Massachusetts Growth Capital Corporation (MGCC) has capitalized the fund and will administer it.

“As our administration continues to take steps to protect the health and safety of residents, we recognize the hardships facing the small businesses that create the foundation of the state’s economy,” said Governor Baker. “This recovery loan fund is a new resource to help small businesses address emergency needs due to the disruption caused by the ongoing COVID-19 pandemic.”

•How to Apply:

*Please complete the application found on MGCC’s website,  EmpoweringSmallBusiness.org. 

*Completed applications can be sent via email to [email protected] with the subject line “2020 Small Business Recovery Loan Fund.”

*MGCC can be reached by email: [email protected]

•Loan Fund Details:

*Who Qualifies: Open to Massachusetts-based businesses impacted by COVID-19 with under 50 full- and part-time employees, including nonprofits (negative impact must be verifiable).

*Terms and Conditions: This fund is being offered with no payments due for the first six months, then 30-months of principal and interest payments and no prepayment penalties.

*Businesses can apply for loans up to $75,000.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.