Year round resources for financial help, free grants, and loans in Massachusetts

Find how to get free grants, low cost or 0% loans, and other financial assistance programs in MA that are offered all year long.  There are details “category”, which can include the county, geography and part of the state. Many other non-profit and government programs are released throughout the year, and scroll down the page for more financial resources.

Statewide resources

The Massachusetts Community Development Finance Corporation helps fund small businesses across the state. They work with banks, credit unions, and other lenders to help small businesses as well as start ups get the capital they need. There is also dedicated assistance for veteran, female owned, and minorities, but any small to mid-sized company can contact the office for support. They also help with micro-lending. Find details here. http://www.massmac.org/newsline/0708/article15.htm

Mass Growth Capital Corporation has a number of loan programs (zero % or low-interest), grant programs, digital development programs (such as e-commerce) and more. Resources are offered across the state, including to minority, Asian, immigrant and business owners who have bad credit. There are also counseling programs as well as other free services. More details here on MGCC. https://www.empoweringsmallbusiness.org/who-we-help/small-business-owners

Boston area and eastern Massachusetts small business grants and loans for MWBE and veteran businesses

Boston Uptima Entrepreneur Cooperative helps small businesses, start ups, and entrepreneurs, with a focus on women and businesses owned by people of color. The assistance programs include interest free microloans from KIVA, Bootcamps, Free Business Advisory services, help developing or enhancing business plans and so much more. Get details on the non-profit here. https://uptimacoop.com/boston

Boston female entrepreneurs can get microloans from Grameen America. The non-profit helps women that live in poverty and/or have a low income get the capital they need to start a business.  Females with a low income, poor credit, or that are “underbanked” can get a low cost, or interest free loan, for a business. There are also counseling and coaching services, networking, marketing help and more. Grameen will focus on women of color, immigrants/non-English speakers and similar applicants. Find details here. https://www.grameenamerica.org/

Boston Black and Latinx owned businesses can apply for grants, free coaching services, equity and assistance from the Foundation for Business Equity. They help businesses of color grow their revenue from the Pacesetters program. The Foundation also provides capital, equity investments, zero percent interest loans, free grants and more. Black women owned businesses can get grants as well as Hispanic and Latino owned businesses, or get coaching and business advice. Learn more here https://fbequity.org/

Boston area minority businesses (women, Asian, Black, veteran, etc.) can apply for a free grant/crowdfunding program known as Biz-M-Power. It is run in partnership with Mass Growth Capital Corporation. The goal of the grants is to help businesses expand, buy equipment, pay for acquisitions, and other growth infinitives. The goal is to help businesses that would otherwise struggle to raise the funds they need. Apply here. https://www.empoweringsmallbusiness.org/what-we-offer/bizmpower

Black-owned businesses in Boston (including non-profits) can use the resources at the Office of Black Male Advancement. From time to time there are grants given to charities, non-profits, or businesses that have social cause, such as addressing income inequality, financial literacy or similar needs. The help Black-women and male owed organizations find resources they need for success. Learn more on the office here. https://www.boston.gov/departments/black-male-advancement

City of Boston Small Business Development is provided by the city itself. There are resources for a wide variety of scenarios. A women business center is available as well as assistance for businesses with a “physical” presence, such as storefront. Business Managers from the city help owners raise money and direct them to grant programs, or they provide technical help and other support. A major focus is on businesses owned by women and people of color. Learn more here. https://www.boston.gov/departments/small-business-development

Community Foundation of the Eastern Shore’s Women’s Fund is a foundation that provides annual grants to non-profits in the region. The applicants need to be focused on issues for women, including income inequality, access to health care, teens seeking job skills and more. Find details on the Fund here. https://www.cfes.org/womensfund

Dorchester Bay Economic Development Corporation helps Black-owned businesses and other underserved companies in the region. The CDFI provides interest free loans, information on grants, and other help to both current business owners as well as entrepreneurs. Get details here. https://www.dbedc.org/

Essex County female owned businesses, including non-profits, can get help from the Women’s Fund of Essex County. The fund provides financial aid, economic security programs, leadership resources and, from time to time, free grants. The aim of the funds is to help women owned non-profits (or small businesses) that have a social cause. Continue reading. https://www.thewomensfundec.org/

Greater Brockton Minority Business Association provides a number of assistance programs to minority-owned businesses in Brockton.  There is peer to peer networking and coaching, referrals and applications to loans or grant programs, training or free workshops and more. Continue reading here. https://gbmba.org/

Latino Coalition of Haverhill help minority owned businesses, often in partnership with lenders and non-profits such as Mill Cities Community Investments. There is also an association for Latino / Hispanic owned businesses and the community. Learn more here. https://latinocoalitionhaverhill.org/

Lawrence Partnership helps Latino’s and immigrants in the Lawrence MA area. There are venture loan funds, grants, a “test’ kitchen for people seeking to start a food establishment as well as other small business and entrepreneurship programs.  Get more details here. https://www.lawrencepartnership.org/

Lowell based Entrepreneurship for All is a non-profit that provides a variety of small business services, with a focus on MWBE owners.  They help women and minority owned business get government contracts (revenue), are a source of free grant information, training and more. Get details here. https://eforall.org/

MetroWest is a non-profit that offers a number of free or low-cost business services to small companies and entrepreneurs in the western suburbs, such as Natick, Framingham, Waltham and other regions. A major focus is on women-owned businesses, including those owned by black women, Asian, and minorities. There are grant programs, information on loans and more. Find details here. http://www.metrowest.org/

MVYRADIO’s Business Diversity Initiative helps businesses in SE Massachusetts. There is free advertising for small businesses including veteran owned, Asian Americans and Pacific Islanders, black, indigenous or people of color or the disabled, immigrants, and the LGBTQIA+ community. Get details here. https://mvyradio.org/diversity

Somerville area immigrants who are interested in starting a restaurant or food type business can get assistance from the Nibble Entrepreneurship Program (NEP). The free program helps lower income immigrant entrepreneurs “test” a restaurant concept. There is free mentoring, networking services, information on applying for government grants or low cost loans, cooking and tasting classes and so much more.  Learn more on NEP here https://nibblesomerville.com/culinary-entrepreneurship

Urban League in Eastern MA and Springfield as well as the NextStage Minority Business Entrepreneur Academy and Accelerator are available. Another leading partner is the non-profit Interise. They are helping MWBE get business or government contracts for revenue, apply for grants or access capital and more. Other training is offered too, and learn more on the Urban League business programs. https://www.ulem.org/program

Western Massachusetts women and minority small business financial assistance programs

O’Dell Women’s Center of Western Massachusetts arranges a wide range of support for women, with a goal of financial empowerment. This includes also help with starting a business or growing one, but many other services are offered too. Learn more about the center. https://odellwomenscenter.com/

Latino Economic Development Corporation of Springfield provides financial help and support to immigrant as well as Latino owned businesses (or entrepreneurs) in the region.  They help with economic development, provide free business mentoring and coaching, and will allocate grant money when funding allows. A wide variety of assistance programs are offered. Learn more here. https://www.partnersforcommunity.org/

Women’s Fund of Western Massachusetts, which is based in Springfield but covers the western part of the state (Berkshire, Franklin, Hampden, and Hampshire Counties), is a non-profit that helps women-owned businesses and entrepreneurs. Several programs are offered. They run a Leadership Development Program, which is peer to peer counseling and mentoring. There are some free grant programs, based on donations to the Women’s Fund. There are emergency grants, a Women’s Initiative, and other resources from the non-profit. Get more details here. https://www.mywomensfund.org/

Worcester Business Development Corporation, or WBDC, has information on business accelerators, grants for MWBE-owned companies, free business coaching programs and more. The non-profit combines government and private efforts to help disadvantaged small businesses start and grow and learn more or get assistance here. https://www.thewbdc.com/

By Jon McNamara