Recognizing the hardships small businesses throughout the state have faced due to the unprecedented snowfall this winter, Governor Charlie Baker has announced that the Massachusetts Growth Capital Corporation (MGCC) has approved a snow storm loan fund. This fund has been established to assist small businesses regain financial stability and recover from lost storm revenue.
MGCC will make up to $1 million in loan funds available for micro-loans of $5,000-$10,000 to small businesses in communities affected by the harsh winter weather, in particular those in Boston and gateway cities. It is anticipated this program will run through May 2015.
MGCC will be responsible for the loan, collection of interest and principal payments, managing the loan portfolio and any decision-making regarding all loan approvals.