Baker-Polito Administration Announces Snow Storm Loan Fund to Help Small Businesses Recover from Lost Storm Revenue
Loan Program Will Address Pressing Need for Financial Relief for Small Businesses Impacted by Winter Weather Conditions
In recognizing the hardship that small businesses throughout the Commonwealth have faced in recent weeks due to unprecedented snowfall and historic winter conditions, Governor Charlie Baker and Lieutenant Governor Karyn Polito today announced that the Massachusetts Growth Capital Corporation (MGCC) has approved a snow storm loan fund to help small businesses regain financial stability and recover from lost storm revenue. The decision was made during MGCC’s regular board meeting Thursday afternoon.
“As small businesses throughout Massachusetts continue to recover from extreme winter weather conditions that have restricted business, we are pleased to announce this low-interest loan program is available to help them regain their financial stability,” said Governor Baker. “While our local economies continue to bounce back, we encourage everyone to continue shopping at their local retailers, restaurants and small businesses.”
“Our small businesses are the backbone of our economy and it is important that we help ensure their longevity by lending a helping hand when they need it most,” said Lieutenant Governor Polito. “We are confident that our entire economy will continue to recover from one of the toughest winters we have seen in decades.”
MGCC will make up to $1 million in loan funds available to provide micro-loans of $5,000 to $10,000 to small businesses located in communities impacted by the harsh winter weather, particularly those in Boston and in gateway cities. It is anticipated that this program will run through May 2015.
MGCC will be responsible for funding the loan, managing the loan portfolio, collection of interest and principal payments and all decision-making regarding loan approval. For more information about the application and terms and conditions of the loan, please visitwww.massgcc.com.