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CDBG-CV Microenterprise Assistance Program, Round VIIII Massachusetts Growth Capital Corporation (MGCC) will be administering funds from the Community Development Block Grant COVID-19 (CDBG-CV) program to 23 municipalities (including Stoneham) for microenterprise assistance. These special CDBG-CV funds were appropriated through the CARES Act of 2020 and are being awarded to Department of Housing and Community Development (DHCD) by the Department of Housing and Urban Development (HUD). CDBG-CV Microenterprise Assistance grant funding will support qualifying microenterprises adversely impacted by COVID-19, giving priority to minority status owned business (Minority, Women, Veteran, Disability, LBGTQ+).
As of September 1, 2021, funding for this program has now been combined into one pool rather than separated by city/town. Previously, Stoneham has exhausted all their funds but thanks to the pooling of money, Stoneham businesses are now eligible again! Businesses must be a microenterprise (a commercial enterprise that has five or fewer employees with one or more owning the enterprise) to be eligible for funding.
Funding Available: Up to $25,000 per business with demonstrated costs greater than or equal to the amount requested.
Funds may be used for working capital to cover business costs, such as rent, staffing, utilities, technical assistance, general support and stabilization of the business. Funds may also be used for purchasing personal protection equipment (PPE). If you have been awarded previously, you are still eligible for up to $25,000 of total program funding.
Applications are on a rolling basis but program will end once funds are exhausted.
Apply here today: