The Massachusetts Growth Capital Corporation (MGCC) intends to make up to $1 million in loan funds available to help small businesses located in communities hit hardest by winter storms recover from the impact of lost revenue and regain financial footing.
It’s expected that the program will run through May 2015. Small businesses impacted by the harsh snowfall and historic weather conditions, particularly those located in Boston and in gateway city areas, will be able to avail of micro-loans of $5,000 – $10,000 to dig themselves out.
Governor, Charlie Baker announced recently that the MGCC will be accountable for funding the $1 million loan, managing the loan portfolio, collecting interest and principal payments as well as decision-making regarding loan approval.
Approval relies on business being profitable prior to the 2015 snowstorms and having no adverse credit reports 60 days past due for the last 6 months of 2014.
Businesses that are excluded from participating in the program include those involved in real estate investment, multi-level marketing, adult entertainment or firearms.
For further details and to access a copy of MGCC’s 2015 Snow Storm Loan Fund Application, go to their web site at www.massgcc.com.
