Additional Massachusetts Small Business Financial Resources
The Massachusetts Growth Capital Corporation (MGCC) is an independent agency working with local banks, lending institutions, and nonprofit organizations to finance projects that will create economic opportunities across the Commonwealth. MGCC also provides loans to companies that are not able to obtain financing from traditional sources and manages a competitive grant program for organizations working in community development.
The Massachusetts Clean Energy Center (MassCEC) is an economic development agency that works to promote the growth of the clean energy sector in the state to secure long-term economic growth, support job creation, and deliver important environmental benefits.
MassCEC runs a variety of programs for Massachusetts-based small businesses and start-ups, offering grant funding and awards, direct equity and venture debt investments, and technical support.
MassVentures is a venture capital investment group that provides loans to companies that are based on technology. The goal of the organization is to find, fund, and support the development of early-stage technology that can fuel economic growth in the state.
If your startup innovates engineering and scientific advances that aim to address important societal challenges, consider contacting MassVentures. You may be able to apply for seed investment and grants, receive valuable business guidance and benefit from valuable networking opportunities.
Other Resources for Massachusetts Small Businesses
The STEP program provides grants to eligible small businesses in Massachusetts that are looking to increase the export sales of their services and goods. Eligible businesses may apply for grants ranging from $6,000 to $12,000 to compensate for expenses associated with pre-approved activities, services, and projects related to international business development, such as:
- Research tool subscription for export market research
- Design of export-specific marketing media
- Compliance testing of an existing product for entry into a new market
- Overseas conference exhibition or trade show
The Workplace Safety Training and Education Grant Program is aimed to fund programs that reduce the risk of employees’ illness or injury and promote healthy and safe workplace conditions through education, training, and other preventative programs.
Each year, the grant program awards up to $25,000 to eligible Massachusetts businesses who demonstrate a compelling program design that addresses potential injury, an injury history, or provides a proactive approach to injury prevention.
The Workforce Training Fund Program aims to address business competitiveness and productivity by offering resources to fund employee training for Massachusetts-based businesses. The Fund encourages businesses of all sizes to apply and offers several types of grants ranging up to $250,000 per company.
How to Prepare for a Massachusetts Small Business Loan
To acquire a Massachusetts small business loan, you have to have a solid foundation and structure for your future business.
The Business Plan
This step is probably the most crucial when starting a business. The lender would want to see that you know what you want to do in terms of growth and that you have the skills to achieve this said growth.
Prepare Financial Statements
You should include any financial documents that can show the provider that you could make money back that you’re borrowing from them and that you have a rock-solid plan in terms of generating an income for your business.
These documents should include your income statements and your balance sheets for the past 3 to 5 years.
State the Purpose and Amount of your Loan
Describe to the lenders precisely what you would need in terms of equipment, marketing, etc. Also, do research and add the exact amount that you’ll need for your business.
Research Your Options of Lenders
Ensure that you conduct thorough research, as some banks might look like the best option, but their loan approval standards might be shocking. Be prepared because all providers will check your credit score, so keep it up to par.
The Bottom Line
Many lenders are willing to provide Massachusetts small business loans; therefore, you should explore your options before deciding on an online service or heading into your local bank for a traditional means of funding.
Qualifying for the loan that suits your small business needs requires you to have all the necessary paperwork in order. Weigh all your options after consulting with a few lenders and decide which financing method best suits your needs.