Are you a Massachusetts business owner or considering launching a new venture in the Commonwealth? If the answer is yes, there’s a good chance you need funding. We’ve got your back. Below, you’ll find business grants and loans only available to businesses that operate within Mass. Check these out to discover if your business is eligible, and get busy applying!
Department or Agency: Massachusetts Growth Capital Corp.
Loan or Grant title: Small Business Term Loans
The Massachusetts Growth Capital Corp. provides business term loans up to $2 million—with a 10% fixed interest rate—for businesses that can’t get traditional funding. To qualify, businesses must be headquartered in Massachusetts and work in any industry except real estate and startups. There’s only one restriction on the loan funds: they can’t be used for tax payments.
Department or Agency: Massachusetts Growth Capital Corp.
Loan or Grant title: Small Business Lines of Credit
Massachusetts Growth Capital Corp. also offers business lines of credit up to $2 million for businesses to use on flexible funding and short-term capital needs. The interest rate is the BofA prime rate plus 1.75%. Owners with 20% or more equity need to submit a personal guarantee.
Department or Agency: Massachusetts Growth Capital Corp.
Loan or Grant title: Real Estate Enhancement Financing Program
Massachusetts Growth Capital Corp’s Real Estate Enhancement Financing Program supports businesses in purchasing or refinancing commercial-owned real estate. Qualified businesses can get a loan of up to $2 million with a five-year term and an interest rate equal to the bank rate plus 2%. Only owner-occupied properties (of at least 25% of the real estate) used for business purposes qualify for the program.
Department or Agency: Massachusetts Growth Capital Corp.
Loan or Grant title: Contract Financing
Massachusetts Growth Capital Corp’s Contract Financing program helps businesses cover upfront project expenses, including working capital, equipment, and supplies. Qualified contractors with defined diversity goals are eligible for revolving financing from $25,000 to $500,000; MGCC will advance up to 75% of the contract/project value.
Department or Agency: Massachusetts Growth Capital Corp.
Loan or Grant title: Microloans
Massachusetts Growth Capital Corp also offers microloans to businesses that need smaller amounts of capital for working capital, furniture, equipment, fixtures, and supplies. Eligible businesses can receive a loan from $5,000 to $100,000. To qualify, your business needs to be headquartered in Massachusetts and have been actively operating for at least one year.
Department or Agency: MassVentures
Loan or Grant title: Small Business Innovation Research (SBIR) Targeted Technologies (START) Program
Any Massachusetts-based business that has been awarded funds through SBIR Phase II may be eligible for grants and business guidance to help them create jobs and commercialize their technologies. Each year, the program awards 17 grants ranging from $100,000 to $500,000. The application window will open again on February 1, 2025.
Department or Agency: MassVentures and Massachusetts Clean Energy Center (CEC)
Loan or Grant title: MassCEC Catalyst & Diversity in Cleantech Early Stage (DICES) Program
This program offers grants of up to $75,000 for businesses that are looking to convert R&D into commercially viable clean-energy technologies. DICES awards two additional grants of up to $75,000 each for women-owned and minority-owned early-stage businesses. Eligible businesses include principal investigators at nonprofit research institutions and early-stage clean-energy companies based in Massachusetts.
Department or Agency: Franklin County Community Development Corporation (FCCDC)
Loan or Grant title: Flexible Financing for Small Businesses
The Franklin County Community Development Corporation serves the western Massachusetts area and provides loans ranging from $5,000 to $250,000 to existing and startup businesses for a wide range of uses.
Department or Agency: MassDevelopment
Loan or Grant title: Brownfields Redevelopment Fund
MassDevelopment gives eligible businesses loans for investing in brownfield cleanup and restoration projects. Businesses can get up to $250,000 in financing to conduct environmental site assessments, and up to $750,000 for environmental cleanup costs.
Department or Agency: MassDevelopment
Loan or Grant title: Commercial Real Estate Loan
Small businesses and manufacturing companies can get commercial real estate loans up to $10 million to purchase new facilities, renovate, or take on construction projects.
Department or Agency: MassDevelopment
Loan or Grant title: Green Loans and Real Estate Improvement Loans
MassDevelopment offers loans up to $1 million for businesses to finance energy efficiency installations, renewable energy improvements, and other real estate improvements to their business facilities.
Department or Agency: MassDevelopment
Loan or Grant title: Term Working Capital
Another lending product MassDevelopment offers is a term working capital loan of up to $1 million against the value of owner-occupied real estate.
Department or Agency: MassDevelopment
Loan or Grant title: Leasehold Improvements
Businesses can get up to $500,000 in funding to make improvements to their leased real estate for business purposes.
Department or Agency: MassDevelopment
Loan or Grant title: Emerging Technology Fund
Through their Emerging Technology Fund, MassDevelopment supplies capital to growing tech companies in Massachusetts that have demonstrated technical developments and a strong market demand for their products. Eligible businesses can get up to $4 million in loans to put toward acquisition, expansion, working capital, and equipment purchases.
Department or Agency: MassDevelopment
Loan or Grant title: Equipment Loan
MassDevelopment offers loans from $100,000 to $3 million to businesses that need capital to purchase equipment for expansion. The loan term is up to seven years, with fixed interest rates.
Department or Agency: MassDevelopment
Loan or Grant title: Export Financing
MassDevelopment has financing solutions for Massachusetts companies that export—or plan to export—internationally. Businesses can get loans up to $2 million for new equipment, leasehold improvements, and working capital.
Department or Agency: MassDevelopment
Loan or Grant title: Predevelopment Loan
Businesses with early-stage real estate projects can get up to $500,000 in loans from MassDevelopment’s Predevelopment Loan program. Eligible businesses can put the money toward architectural or engineering costs, or traffic and feasibility studies prior to beginning construction.
Department or Agency: MassDevelopment
Loan or Grant title: Predevelopment Loan
Businesses with early-stage real estate projects can get up to $500,000 in loans from MassDevelopment’s Predevelopment Loan program. Eligible businesses can put the money toward architectural or engineering costs, or traffic and feasibility studies prior to beginning construction.
Department or Agency: MassDevelopment
Loan or Grant title: MassDevelopment State Small Business Credit Initiative
Through the Massachusetts State Small Business Credit Initiative (SSBCI), businesses can get between $100,000 and $10 million for a wide range of purposes, including equipment purchases, leasehold improvements, and real estate acquisition and renovation. The SSBCI has a special focus on businesses run by Socially or Economically Disadvantaged Individuals (SEDI), including veterans and members of historically marginalized groups.
Department or Agency: MassDevelopment
Loan or Grant title: PACE Massachusetts
Property Assessment Clean Energy (PACE) Massachusetts helps manufacturing companies and business owners with commercial or industrial buildings get the financing they need to make energy efficient upgrades to their facilities.
Department or Agency: MassDevelopment
Loan or Grant title: Green Loans
MassDevelopment’s Green Loans help bridge the financing gap for businesses to make energy efficient improvements after receiving rebates from utility companies. Businesses that have been in existence for five or more years can qualify for a loan from $50,000 to $500,000 for HVAC replacements, solar panel installations, and more.
Department or Agency: MassVentures
Loan or Grant title: Venture Capital Investments for Early-Stage Companies
MassVentures makes $1 million investments in early-stage, deep tech startups in Massachusetts that have an existing minimum viable product, a go-to-market strategy, and demonstrable customer traction.
Department or Agency: Massachusetts Office of International Trade and Investment
Loan or Grant title: State Trade Expansion Program (STEP)
The Massachusetts Office of International Trade and Investment (MOITI) offers a grant to small businesses to help offset the costs of international business development and marketing. Qualifying businesses can get anywhere from $6,000 to $15,000 to use on marketing-related expenses and business development costs.
Department or Agency: Massachusetts Office of Business Development
Loan or Grant title: Regional Economic Development Organizational Grant Program
In partnership with the Office of Business Development, a multitude of regional organizations in Massachusetts work with local businesses to offer grants, loans, and technical resources. Click on the regional organization closest to you to learn more.
Department or Agency: Dorchester Bay Economic Development Corporation
Loan or Grant title: Dorchester Bay Neighborhood Loan Fund
The Dorchester Bay Economic Development Corporation offers small business loans of up to $250,000 with a 7% interest rate, five-year loan term, and no prepayment penalties.
Department or Agency: Dorchester Bay Economic Development Corporation
Loan or Grant title: Rapid Resilience Loan
The Dorchester Bay Economic Development Corporation also offers a Rapid Resilience Loan for businesses that need fast financial support. Qualified businesses can get between $5,000 and $15,000 with a two to five year term.
Department or Agency: Dorchester Bay Economic Development Corporation
Loan or Grant title: Boston Storefronts
The Dorchester Bay Economic Development Corporation offers financing to help Boston-based businesses improve their storefronts and signage. Loans have a 7% interest rate and a term up to five years.
Department or Agency: Dorchester Bay Economic Development Corporation
Loan or Grant title: Quick Capital Through SEED
In partnership with South Eastern Economic Development (SEED), the Dorchester Bay Economic Development Corporation offers loans up to $20,000 with a 6% interest rate. All businesses in the Boston area are eligible to apply, as long as they have a credit score of 680 or higher.
Department or Agency: Economic Development and Industrial Corporation of Lynn
Loan or Grant title: EDA Loan Program
The Economic Development and Industrial Corporation of Lynn offers business loans for working capital, leasehold improvements, real estate, and machinery and equipment purchases. The loan amount is 20-30% of a project’s costs, up to $350,000. To qualify, you need to be located in the city of Lynn, be a profitable business, and demonstrate the ability to create or retain jobs.
Department or Agency: Economic Development and Industrial Corporation of Lynn
Loan or Grant title: Micro Loan Program
Funded in partnership with the Small Business Administration (SBA), EDIC offers microloans up to $50,000 with a fixed 4% interest rate for working capital, supplies, improvements, and machinery or equipment. Businesses must be located in the city of Lynn to apply.
Department or Agency: Economic Development and Industrial Corporation of Lynn
Loan or Grant title: Lynn Municipal Finance Corporation Loan Program
Through this program, businesses in the city of Lynn can get between $5,000 and over $25,000 for working capital, leasehold improvements, machinery or equipment, and real estate. Businesses must be profitable and able to create jobs for low to moderate-income residents of Lynn.
Department or Agency: Bristol County Economic Development Consultants
Loan or Grant title: EDA Loan
Small businesses and startups located in Fall River can apply for EDA Loans to get financial support with land acquisition, buildings, equipment, machinery, fixed assets, and working capital needs. To qualify, businesses need to be able to either create or retain one job—for a low to moderate-income individual—per $35,000 borrowed.
Department or Agency: Bristol County Economic Development Consultants
Loan or Grant title: Business Revolving Loan Fund
The Business Revolving Loan Fund (BRLF) gives financing to existing businesses and startups in Bristol County that need support with land acquisition, buildings, equipment, machinery, fixed assets, and working capital. To qualify, businesses need to be able to either create or retain one job—for a low to moderate-income individual—per $35,000 borrowed.
Department or Agency: New Bedford Economic Development Council
Loan or Grant title: NB100!
The New Bedford Economic Development Council (NBEDC) offers matching grants up to $10,000 to businesses in New Bedford for a wide range of uses, including mortgage payments, payroll costs, and inventory expenses.
Department or Agency: New Bedford Economic Development Council
Loan or Grant title: NBForward!
NBEDC’s NBForward! program gives matching grants up to $20,000 and loans up to $200,000 to businesses in New Bedford that have been in operation for at least two years and are still suffering adverse effects of the coronavirus pandemic.
Department or Agency: South Eastern Economic Development (SEED)
Loan or Grant title: Micro and Small Loan Program
Through the SBA Microloan and Small Loan Program, SEED provides microloans up to $50,000 and small loans up to $350,000 for businesses in Massachusetts that have had difficulty securing financing through a bank.
Department or Agency: South Eastern Economic Development (SEED)
Loan or Grant title: Fast Track Loans
SEED also offers loans up to $25,000 to businesses and startups that need fast capital for a variety of purposes, including working capital and inventory. Businesses need to have a credit score of at least 600 to apply.
Department or Agency: BDC Capital Financing Solutions
Loan or Grant title: Massachusetts Recycling Loan Fund
The Recycling Loan Fund, which is funded by the Massachusetts Department of Environmental Protection, gives loans from $50,000 to $500,000 to businesses engaged in recycling-related activities. If you qualify, you can use the funds for working capital, refinancing, real estate, machinery and equipment, and acquisition financing.
Department or Agency: BDC Capital Financing Solutions
Loan or Grant title: Asset-Based Lines of Credit
BDC offers working capital loans from $500,000 to $10 million to businesses in a variety of industries, including manufacturing, business services, wholesaling, and distribution. The lines of credit—which can be used for anything from growth projects to debt restructuring—must be secured by your accounts receivable or inventory.
Department or Agency: BDC Capital Financing Solutions
Loan or Grant title: BDC Term Loans
BDC offers term loans from $500,000 to $10 million for working capital, equipment and machinery, real estate, and debt restructuring. Each loan is custom-designed to your business’s needs.
Department or Agency: BDC Capital Financing Solutions
Loan or Grant title: Massachusetts Capital Access Program
The Massachusetts Capital Access Program (CAP) helps Massachusetts businesses with 200 or fewer employees get easier access to funds. They offer cash collateral guarantees on loans for startup expenses, equipment purchases, growth projects, and real estate acquisitions.
Department or Agency: Coastal Community Capital
Loan or Grant title: Direct Loans
A statewide SBA lender, Coastal Community Capital offers a variety of SBA loans, as well as direct loans for businesses that don’t meet SBA standards. The direct loan amounts range from $25,000 to $500,000, and can be used for startup expenses, growth investments, real estate purchases, machinery and equipment financing, expansion, and debt restructuring.
Department or Agency: The Carrot Project
Loan or Grant title: Loan Programs
The Carrot Project provides loans to Massachusetts businesses in farm, forestry, and fishing industries, as well as processing, distribution, and storage enterprises that use local agricultural products. Qualifying businesses can get operating loans from $5,000 to $250,000 with interest rates between 6-7%.
Department or Agency: Mill Cities Community Investments
Loan or Grant title: Small Business Loans
CDFI Mill Cities Community Investments gives small business loans to startups and expanding businesses in Northeastern Massachusetts. Qualifying businesses can get loans from $100,000 to $500,000 with terms from three to seven years.
Department or Agency: Mill Cities Community Investments
Loan or Grant title: Accounts Receivable Financing
Mill Cities Community Investments also offers accounts receivable financing for businesses to bridge temporary cash flow gaps. Qualifying businesses can get a loan of $100,000 or more, with fees of 1.5% to 2.2% per invoice per month.
Department or Agency: Mill Cities Community Investments
Loan or Grant title: Business Equity Investment Fund
The Business Equity Investment Fund is designed for business owners who need long-term capital for big growth projects and expansion plans. MCCI will invest up to $1.5 million in qualifying businesses in exchange for equity.
Department or Agency: Mill Cities Community Investments
Loan or Grant title: Lawrence Venture Loan Fund
MCCI offers loans from $5,000 to $100,000 to businesses based in Lawrence, Massachusetts. To qualify, businesses need to demonstrate that their business project would benefit their local community.
Department or Agency: Mill Cities Community Investments
Loan or Grant title: Haverhill Partnership Venture Fund
MCCI offers loans from $10,000 to $75,000 to businesses based in Haverhill, Massachusetts, who have struggled to obtain financing from a traditional financial institution. To qualify, Haverhill businesses need to demonstrate that their business project would benefit their local community.
Department or Agency: Mill Cities Community Investments
Loan or Grant title: Salem Small Business Loan Fund
MCCI offers loans from $5,000 to $100,000 to businesses based in Salem, Massachusetts, who have struggled to obtain financing from a bank or credit union. To qualify, Salem businesses need to demonstrate that their business project would benefit their local community.
Department or Agency: Mill Cities Community Investments
Loan or Grant title: Lynn Small Business Loan Fund
MCCI offers loans from $5,000 to $100,000 to businesses based in Lynn, Massachusetts, who have struggled to obtain financing from a bank or credit union. To qualify, Lynn businesses need to demonstrate that their business project would benefit their local community.
Department or Agency: Massachusetts Life Sciences Center
Loan or Grant title: Massachusetts Transition and Growth Program (MassTAG)
The MassTAG grant program gives funding to life sciences businesses that are planning a relocation to Massachusetts. To qualify, these businesses must create between 10 and 49 jobs in their first year of operation.
