BOSTON – In the spring, the Massachusetts Growth Capital Corporation (MGCC) launched a small business relief grant program in accordance with the November 2022 ARPA/Economic Development bill from which Reading small businesses received $138,000 in relief grant funding.
“I’m very pleased to see small businesses in Reading receive $138,000 in vital grant funding from the Massachusetts Growth Capital Corporation’s small business relief program,” said Representative Haggerty. “Small businesses are the engine of our local economy. These relief grants, funded by the legislature, from MGCC will provide critical support for small businesses to survive current challenges and thrive in the future. I applaud MGCC for this valuable investment in our community and remain committed to advocating for initiatives and resources to strengthen our small business community.”
The bill set aside $30,000,000 in grant funding to small businesses that have no more than 50 employees. The funds may be used for employee payroll and benefit costs, mortgage interest, rent, utilities, and interest on other debt obligations. An additional $45,000,000 in grants will be allocated to businesses that focus on reaching underserved markets, are minority-owned, women-owned, and veteran-owned, or owned by immigrants and first generation. These funds will be distributed in a geographically equitable manner.
The grant program was heavily oversubscribed with over 4,800 applications for assistance requesting a total of more than $290 million. The program resulted in $72,877,800 in awards across 1,475 small businesses. All awardees are subject to a final screening and will complete a grant agreement to receive any grant funds. MGCC has sent out notifications to businesses that have been awarded a grant. Reading businesses to receive relief grant funding are Little Treasures Schoolhouse Inc. and Alla Shikhanovich DMD, PC.