Massachusetts Small Business Grants – Overview
If you live in Massachusetts and lost your business, follow the Massachusetts Small Business Grants and its resources listed below.
Massachusetts Small Business Grants
The employers have to reduce the number of employees as they cannot give them salaries.
Small businesses should look for grants offered by the federal department, non-profit organizations, and some private organizations.
These organizations are actively working to boost the country’s or the state’s economy.
These organizations provide financial aid as per the business requirements. Financial aid can be utilized in many ways to re-establish the business. We will talk about it later in this article.
However, the allocated fund is insufficient to reach out to all the businesses that have lost their space, employees, and equipment.
They need proper financial support to regain the lost things.
Massachusetts Small Business Grants are the only way small business owners can get financial support and redevelop their businesses. Let’s find out the available resources.
Massachusetts Small Business Grant Resources
If you are searching for resources to apply for a small business grant, then here we have listed down some official links with the required information. Let’s find out the useful information first.
The Small Business Administration has established special centers for small businesses to avail of federal services by gaining information.
Small Business Development Centers in Massachusetts are always open with their available grants. The available grants are open for all types of business owners.
They must fill in the application form and mention all their requirements, including the expected funds. The application will then be checked by the authority and they will declare the names.
1. Federal Grants for Small Businesses
Federal Grants are not limited to Massachusetts businesses, but these grants are open to the entire state or the country.
The Federal Grants have special funds to boost the economy of the city, state, or country. Several Financial Relief Programs are available for small businesses.
Everything you need to know about the Federal Grants for Small Businesses in Massachusetts is listed on MGCC. Visit this website for more information about the open grants, along with the application procedures and information.
They can avail the benefits of financial support, including low interest rates for small businesses.
2. The Restaurant Revitalization Fund
The owners of restaurants and bars should apply for the Restaurant Revitalization Fund program to avail of financial support of up to $10 Million.
3. SBA Paycheck Protection Program
The Small Business Administration has a special Paycheck Protection Program for small business owners who can apply for loan forgiveness.
If your active loan is $150,000 or less, you can use this program to forgive the loan amount. Visit SBA’s Direct Forgiveness Portal for more information. You will get to know about this special program along with its application procedure.
4. Shuttered Venue Operators Grant
The SVOG is a government-funded program designed for small businesses. It is also backed by the American Rescue Relief Fund, which will provide a $16 Billion Relief fund. It’s an economic relief fund distributed in different industries, including small and big businesses.
The application procedure needs to be followed by the applicant. If the application is accepted, this program will provide 45% of the business’s gross earned revenue.
The maximum grant under this program for a single business is $10 Million.
If your gross earned revenue after 45% is above $10 million, then you will be given only $10 million and not more than that. For more information about this program, follow their official website.
These are all the useful resources available for Massachusetts small businesses.
The above-listed resources would provide financial aid, including loans with low interest rates, to small businesses so they can re-develop their businesses.
Interactive US Map for Small Business Grants