Minority, veteran, immigrant, LGBTQ and female owned small businesses in Massachusetts can get free financial help, coaching, and other support. Find how and where to get financial assistance (grants or loans) as well as how to apply near you below. There are funds from charities, corporations, non-profits, as well as the state of Massachusetts and federal government.
Any small business, startup company, entrepreneur, or sole-proprietor can apply. However, each of the lenders, and their programs, will be allocated some of the funds to disadvantaged businesses. This may be a Black owned company in Massachusetts or a Latino business. Free grants may also be for LGBTQ companies, veterans, the disabled, and other minority (or disadvantaged) businesses.
Any funds will often be combined with other assistance. As the lender or small business grant programs in Massachusetts often give clients free business advice, such as coaching, marketing assistance, website development, counseling and more.
Small business loans or free grants for females or minorities in Massachusetts
The list of resources below is updated daily. While most of the grants and low cost loans for minority or female businesses are for businesses located in the major cities such as Boston, Cambridge, or Springfield, assistance is offered statewide as well.
Massachusetts Growth Capital Corporation is issuing more financial relief from the COVID-19 Small Business Grant Program. The goal is to help businesses impacted by the COVID pandemic. Working with local banks, community lenders, and charities, funds assist minority, Asian, women, veteran and disadvantaged businesses (as a priority). Mass Growth Capital also gives other support, such as microloans, diversity services, technical grants and other programs. Read more. https://www.empoweringsmallbusiness.org/
The City of Boston is paying out over $6 million in grant funds to small businesses that have been impacted by COVID. The money is going to help businesses pay their rent and there are also free grants for restaurants. In addition, some of the funds will also go to immigrant, minority, and women owned businesses that operate in the city. There are also webinars, counseling, business development workshops as well as other financial assistance programs. Apply here. https://www.boston.gov/news/new-covid-19-relief-funds-available-small-businesses
September – October 2020
Massachusetts Conference for Women and the Massachusetts Restaurant Association as well as Flour Bakery + Cafe are helping 50 minority and female owned restaurants, cafes, bars, and food establishments in Massachusetts. Each of the 50 food businesses can get up to $5000. the Association is processing applications. Learn more. https://www.themassrest.org/
Any small to mid sized business in the state can apply for grants of up to $10,000 from the Massachusetts Growth Capital Cooperation. The funds will assist the disabled, Black, Latino, Minority owned small businesses as well as women or veterans. The LBGTQ+ community in Massachusetts is also given priority. Free government grants can pay for inventory, rent, mortgages, inventory, and other costs. Or use the MGCC grants for working capital. Apply here. https://massgcc.submittable.com/submit
Very small business owners in Essex County as well as the city of Manchester can get financial help from CARES program grants. The free government assistance program will help startups as well as small businesses with 4 or fewer employees. Priority is for Black, Latino, Female, as well as minority owned companies. Various bills and operating expenses can be paid. Dial 617.523.6262 for details or applications.
By Jon McNamara