Program Information
The MassCEO Technical Assistance Stipend Program is a competitive funding initiative administered by the Massachusetts Center for Employee Ownership. The program is intended to reduce the cost barrier that can prevent Massachusetts businesses from exploring a transition to employee ownership.
Eligible businesses may apply for a subsidy toward qualifying pre-conversion technical assistance associated with exploring or structuring a potential transition to an Employee Stock Ownership Plan (ESOP) or worker cooperative. Upon proof of company payment to the approved technical assistance service provider, MassCEO will provide the matching funds to the provider per the contract agreement. Stipend funds are not paid to the business.
Eligibility and Funding
Eligible applicants must:
- Currently operate a business in Massachusetts.
- Not currently be majority employee-owned.
- Be exploring a potential transition to employee ownership.
- Propose eligible pre-conversion technical assistance provided by a MassCEO-approved technical assistance provider.
- Demonstrate the ability to provide the required matching funds and a credible need for stipend support.
MassCEO may subsidize 50% of approved eligible technical assistance costs, up to:
- Worker cooperative conversion projects: $12,500, equal to 50% of up to $25,000 in qualifying costs.
- ESOP conversion projects: $25,000, equal to 50% of up to $50,000 in qualifying costs.
The business must provide the required 50% match from its own resources or private financing.
Each business may submit only one application at a time and may engage only one MassCEO-approved technical assistance provider through the program.
MassCEO Approved Technical Service Providers
MassCEO has a pool of 3rd party consultants, publicly procured to secure qualified and experienced vendors ready to move forward on your project. Consultants were chosen based on relevant experience, consulting capacity, and diverse business enterprise participation.
Worker Cooperative (Co-op) TA Providers
- Cooperative Development Institute: cdi.coop
- The ICA Group, Inc.: icagroup.org
- Uptima Entrepreneur Cooperative: uptimacoop.com
- Valley Alliance of Worker Co-operatives: valleyworker.coop
Employee Stock Ownership Plan (ESOP) TA Providers
- BDO Capital Advisors, LLC: bdocap.com
- Bellview Associates: bellviewassociates.com
- Eide Bailly LLP: eidebailly.com
Eligible and Ineligible Costs
The stipend may support the following technical assistance tasks when performed by a MassCEO-approved technical assistance provider and included in the approved scope of work.
ESOP Technical Assistance
ESOP Advisor
- Feasibility Study
- Transaction Structuring
- Debt Placement
Valuation Services
- Preliminary Valuation
- Fairness Opinion
- Annual Valuation
Trustee Services
- Institutional Trustee
Legal Services
- Company Counsel
- Trustee Counsel
- Seller(s) Counsel
Worker Cooperative Technical Assistance
Cooperative Development
- Feasibility Study
- Process Coordination
- Education
Legal Services
- Entity Creation / Conversion
- Bylaws & Governance
- Membership Agreements
Financial & Valuation Services
- Business Valuation
- Transaction Structuring
- Tax Planning
Ineligible Costs
- Costs incurred before MassCEO approval.
- Services provided by a firm that is not a MassCEO-approved technical assistance provider.
- Operating expenses or other costs not directly related to eligible technical assistance.
- Post-conversion technical assistance.
How to Apply
Applications are accepted on a rolling basis. Awards are subject to available funding, and MassCEO reserves the right to cancel the program at any time.
- Review the MassCEO Technical Assistance Stipend Program Guidelines.
- Apply for the MassCEO Technical Assistance Stipend Program.
MassCEO will review complete applications for eligibility and may request additional information before making an award determination.
For existing businesses, applicants must certify that they are in good standing with the Massachusetts Department of Revenue, the Secretary of the Commonwealth, and the Department of Unemployment Assistance.
Applicants may submit optional documents that demonstrate project readiness, financial need, public benefit, or the anticipated scope of work. Application materials are subject to the Massachusetts Public Records Law. Do not submit Social Security numbers, bank account numbers, or other unnecessary sensitive personal information.
Program Contact Information
Jeremy Romanul - Program Administrator
jeremy.romanul2@mass.gov
Kevin J. Kuros - Interim Director
Kevin.J.Kuros@mass.gov