"Tools to Grow" is a new program developed by the Massachusetts Growth Capital Corporation. It takes a different approach, similar to venture capitalists, in offering both grants and technical assistance to small businesses. As with venture capitalists, they go beyond the money in ensuring that small businesses will become successful. They are offering this program to small business owners throughout 24 cities in Massachusetts.The program offers grants up to $7,500 to cover half the cost of consulting fees, and business loans up to $250,000. Any technical consulting in general can run anywhere from $100 to $700 per hour, depending on the size of the consulting team, so this is a huge benefit for small businesses. Loans tailored for each business are also offered.
Small businesses must have annual revenues of $100,000 to be eligible for the grants. Another tier in the grant program is open to larger businesses with sales above $1 million that includes matching grants up to $25,000 and customized loans up to $1 million.
The grant program is offered by Massachusetts Growth Capital Corporation which was created by the Governor of Massachusetts in 2010 to help small businesses create jobs and encourage growth of small businesses, women and minority owned businesses. The primary goal is to promote economic development in low and moderate income communities
For more information, visit www.massgcc.com
