Press Release  Healey-Driscoll Administration Awards $5 Million to 65 Nonprofits to Support Small Business Development

BOSTON — Today, the Healey-Driscoll Administration announced $5 million in grants to 65 organizations across the state through the Massachusetts Growth Capital Corporation Small Business Technical Assistance (SBTA) Grant Program, which provides funding to nonprofits to help entrepreneurs start, grow, and sustain successful small businesses in Massachusetts.  

“The success of Massachusetts small businesses is essential to the health and prosperity of our state and the vibrancy of our local and regional economies,” said Governor Maura Healey. “This investment through the SBTA Grant Program will help even more small businesses in our state develop new skills, overcome barriers to success, and access much-needed capital to drive job creation and growth across Massachusetts.”  

“Innovators thrive in Massachusetts, and with this funding we’re ensuring that entrepreneurship remains an accessible path for everyone,” said Lieutenant Governor Kim Driscoll. “We’re excited to see how this funding will empower diverse communities and nonprofits to drive our state’s economic progress forward.” 

The SBTA grants range from $21,000 to $122,500 and will help nonprofits provide critical services to small businesses in their communities, with a particular focus on businesses owned by women, people of color, immigrants, veterans, and other traditionally underrepresented populations. SBTA grant recipients include community development corporations, micro lenders, chambers of commerce, and organizations focused on improving and transforming local economies by supporting entrepreneurs in their efforts to start and grow businesses. The list of grant recipients is available on the MGCC website.  

“Small businesses are the backbone of their communities, employing nearly half of the Massachusetts workforce and making up the majority of the businesses in our state,” said Secretary of Economic Development Yvonne Hao. “These grants will support nonprofits that are dedicated to helping small businesses thrive, and we remain grateful to these organizations for their partnership in generating the job and economic growth that propels our state economy forward.”  

“The SBTA Grant Program meets small businesses where they are, in their neighborhoods, and delivers education and support to their front door and in their first language,” said Larry Andrews, MGCC President & CEO. “The program continues to provide opportunities for entrepreneurs in the state’s under-resourced communities and offer vital assistance that would otherwise be out of reach for many small businesses.” 

Since its inception, SBTA grant funding has supported 33,000 businesses and 43,000 jobs by providing $34.7 million through 404 awards to nonprofits. In 2022, 47 percent of SBTA grant funding supported businesses in low- to moderate-income communities, with 65 percent targeting minority-owned businesses and 51 percent targeting women-owned businesses. For more information on the SBTA Grant Program, read MGCC’s 2023 Impact Report. 

About Massachusetts Growth Capital Corporation 

MGCC is a quasi-public economic development agency under the state’s Executive Office of Economic Development that supports small business development, particularly for small businesses owned by women, people of color, immigrants, and other underrepresented groups. MGCC offers working capital, loan guarantees, and targeted technical assistance to solve financial and operational problems for small businesses, works with traditional financial institutions to make challenging loans to small businesses bankable, and engages with community development corporations and other nonprofits to provide financing for projects that create jobs and help small businesses thrive. For more information, visit EmpoweringSmallBusiness.org. 

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