Saturday, January 16, 2016
Massachusetts Growth Capital Aims to Help Women and Minority Owned Startups
Businesses need money to make money
Massachusetts Growth Capital has a new program called Diversity Goal Support. The program is designed to help minority-, women- and veteran-owned businesses with funding so they can compete for state contacts. The funding helps these businesses cover a number of start-up costs, including payroll and supplies.
Loans, not grants
Although the program does not offer grants, which is free money that does not have to be repaid, it does offer an alternative source for funding. When banks will not approve loans for women- and minority-owned small businesses, on-line funding sources are often the second choice. But the new program offers an alternative solution between the two, and even a small line of credit is just enough to get these small businesses off the ground and running.
In addition, the program gives enough stability to small startups that enable them eventually to be approved for loans through traditional banking sources.
Read more at www.enterprisenews.com/news/20160115/mass-agency-aims-to-help-businesses-run-by-women-veterans-and-minorities