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State Senator Barry Finegold Urges Local Businesses to Apply for New Grant Funding

Barry Finegold

Last week, the Baker-Polito Administration announced the rollout of a $668 million grant program for Massachusetts businesses. The fund will be administered by the Massachusetts Growth Capital Corporation (MGCC) and is supported through funding from the Commonwealth's FY '21 budget and the federal CARES Act. State Senator Barry Finegold (D-Andover) is strongly encouraging local businesses in the Merrimack Valley to avail themselves of the new funding opportunity.

“Small businesses have been devastated by this pandemic,” said Senator Finegold. “I want to thank the Baker-Polito Administration for providing much-needed relief, and I urge local businesses to apply for this new source of funding. My staff and I are committed to helping businesses navigate the application process, and I hope that funds are distributed as quickly as possible. This grant program will help restore the vibrancy of our downtowns and provide crucial support to restaurants, retailers, and other small businesses struggling to make ends meet.”

Businesses will be eligible for grants totaling up to $75,000 and grants are capped at 3 months of operating expenses. Eligible expenses include employee payroll and benefit costs, mortgage interest, rent, utilities and interest on other debt obligations. Applications from businesses in the following sectors will receive priority consideration: restaurants and bars, independent retailers, indoor recreation and entertainment, personal services, and event support companies.

In an effort to expedite relief to businesses, the MGCC will accept applications online beginning Thursday, December 31, at 12PM EST through Friday, January 15, 2021. Businesses applying to the MGCC program for the first time will be notified of their award status in February. Interested businesses should visit empoweringsmallbusiness.org to submit a grant application.

Businesses that did not receive funding through the MGCC’s COVID-19 Small Business Grant Program in October do not need to reapply for the MGCC’s new program. All businesses that submitted complete and accurate applications in October and meet either the demographic requirements from the October program or the sector-specific preferences from the new program will receive funding. They will be notified of their award status by January 18th.

 Businesses in need of assistance should contact Senator Barry Finegold and his staff at (617) 722-1612 or via email at Barry.Finegold@masenate.gov.
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