In an all-new episode of The Business Beat, Steve Jones-D'Agostino, chief pilot of Best Rate of Climb, interviews Neil Martin, COO of Massachusetts Growth Capital Corp. They talk about assisting Bay State small and micro businesses to survive and thrive
In the world of government handouts, there’s good pork and bad pork. For several Central Massachusetts small and micro businesses, the state-funded help they’ve gotten from a quasi-public corporation may be the good sort of sowbelly – especially, given Big Banking’s continued reluctance to lend to the backbone of America’s economy.
One such small business is Luxury Cuts Barber Shop, with locations in Fitchburg and Leominster. Founded three years ago and run by Carlos Rosado, Luxury Cuts is one of several Central Mass. recipients of Small Business Technical Assistance Provider Grants from Mass. Growth Capital Corp. during the past three years. He doesn’t think he’d be succeeding and expanding without MGCC’s help.
In Monson, Brenda Tibbetts, founder and owner of Tibbetts Optical, also praises MGCC, from which she received a training grant. When she started the business more than two years ago, she recalls, Main Street, where the shop is located, had many empty storefronts. Now, she proudly point out, there’s only one.
In 2010, Gov. Deval Patrick signed into law an economic-development bill designed to help small and micro businesses create jobs, in part by providing greater access to capital through the creation of MGCC. The corporation’s formation involved consolidation of Mass. Community Development Finance Corp. and Mass. Economic Stabilization Trust.
For fiscal ‘10, the state law provided $35 million of new funding to MGCC. In addition to providing loans, the agency also awards technical-assistance grants – a total of $700,000 worth during fiscal ’13 alone. The grant amounts for the most recent year ranged from $30,000 to $75,000. MGCC does not break out these figures by county.
Read Steve Jones-D'Agostino's recent article on MGCC for GoLocalWorcester, titled Central Mass. Businesses Thrive with State Grants + Loans.