The Massachusetts Growth Capital Corp., a quasi-public finance group, recently started a new program that offers matching grants to companies within the state that provide consulting services and loan options.
The program includes matching grants and loans for "small businesses" within state-designated gateway cities and towns including Barnstable. Those businesses must meet several criteria, some of which include current sales above $100,000, "operating at break-even or better and poised for growth," and existing for at least a year, with the main loan need for working capital.
Charles Grigsby, president of the MGCC, said it would help pick out a consultant for the businesses selected and pay a matching grant up to $7,500 to pay for the advisor's services. The consultant would help the business design a growth strategy and a loan request up to $250,000 from MGCC.
The program is also being offered to "growth businesses" -- partly defined as a company with annual sales above $1 million -- throughout the state.
The program is looking for companies under both designations that need to hire full-time staff to grow. The "growth businesses" can receive matching grants up to $25,000 and a loan up to $1 million.
Grigsby said owners of both business types often excel in their field, but need help crafting a business plan for growth.
The group want to continue this program through June and then determine whether it's successful. It plans on reaching out to local chambers of commerce and small business groups to set up meetings with businesses.
Cape Cod Area Chamber of Commerce CEO Wendy Northcross said her group has worked with MGCC before, but hasn't heard from them yet about this new program.
"Every little piece helps -- you never know when something is going to be a good hit," she said about assistance for businesses. "I think we would help promote that and make people aware this is going on."
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