Biz-M-Power Crowdfunding Program is sponsored by Massachusetts Growth Capital Corporation (MGCC). The Biz-M-Power crowdfunding matching grant program offers financial assistance to small businesses in Massachusetts for acquisition, expansion, improvement, or lease of a facility, purchase or lease of equipment, or other capital needs.

While not directly focused on critical minerals, strengthening a small business's capital position can indirectly support supply chain integrity efforts.

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projectCount | number }} {{( summaryStats. matchedAmount) | noDecimalCurrency : summaryStats. currencySymbol }} The Biz-M-Power crowdfunding matching grant program offers small businesses in Massachusetts financial assistance with their acquisition, expansion, improvement or lease of a facility, purchase or capital lease of equipment, or with meeting other capital needs for the business.

Eligible applicants will be empowered to advance their business with an innovative approach to obtaining capital. Through crowdfunding campaigns, these businesses connect with their local residents and stakeholders to advance projects that support economic success and transformation for their business and in their communities.

This program is funded by the Commonwealth’s Consideration will be given to small businesses located in Massachusetts owned by low-to-moderate income individuals (LMI) and businesses located in economic disadvantaged urban or rural communities, and businesses operating in Gateway Cities.

Approved applications that run successful campaigns are awarded matching grants Acquire, expand, improve or lease a Purchase or capital lease Meet other capital needs of Funds CANNOT be used for ongoing business operations such as payroll, benefits, buying of inventory, general working capital, reimbursements, operational lease, and commercial AVAILABLE: Commonwealth’s Operating Budget appropriated $7,500,000 for this Businesses must crowdfund a minimum of $2,500 and a maximum of $20,000 to receive a 1:1 matching grant from MGCC.

The combination of crowdfunding dollars and 1:1 matching grant from MGCC, businesses can earn $40,000+ through this program. Small Business Technical Assistance – Businesses have to apply with an SBTA Sponsor, SBTA Sponsor will receive $500 fee covered by MGCC in assisting the the crowdfunding funds raised. Additionally, there is a 2.

6% plus $0. 30/transaction credit card fee collected by Stripe, the payment processor used by Patronicity. Donors have the option to cover all fees at checkout, thus reducing overall fees incurred to the donations accepted only via the Patronicity campaign platform Dependent upon application approval, businesses will launch a crowdfunding campaign to reach a financial goal.

Goal must be met to receive 1:1 MGCC matching grant award. If businesses raise a minimum of $2,500, MGCC will award a matching grant. Businesses that are unable to meet their crowdfunding goal by [the campaign deadline] but have been able to raise a minimum of $2,500, will be eligible to receive a match from MGCC.

E.G., If you commit to fundraising $10,000 on your application by [your campaign deadline] but are only able to raise $7,000 by the [deadline], MGCC will match $7,000. Businesses will be required to submit an updated budget after the campaign closes.

E.G., If you commit to fundraising $10,000 on your application by the [your campaign deadline] and are able to raise $10,000 by the [deadline], MGCC will provide the one-to-one matching grant award for $10,000, bringing the total amount received by the small business to $20,000.

E.G., If you commit to fundraising $10,000 on your application by the [your campaign deadline] and are able to raise $12,000 by the [deadline], MGCC will provide the one-to-one matching grant award for $10,000, bringing the total amount received by the small business to $20,000.

E.G., If you commit to fundraising $5,000 on your application by the [your campaign deadline] and are able to raise $2,000 by the [deadline], MGCC NOT able to match but you are able to keep the funds raised on platform.

Businesses will be required to submit an updated budget after the Note exception for all or nothing campaigns must raise all committed funds in application to receive a match from MGCC This is required for all down payment for purchase of property. For grant funded applicants working with SBTA Sponsors, $500 SBTA fee will add total grant match for the grantee.

MGCC will cover this $500 fee unless waived by SBTA Sponsor E.G. Applicants grant match is $10,000. The grant total will be $10,500. $10,000 will be dispersed to grantee, and MGCC will cover the cost of the $500 SBTA fee Business owners are required as last step to complete completion of project form within 90 days to verify a project is fully executed and complete.

Upon completion of awardee project SBTA sponsor will get an additional $250 fee. Above referenced $500 fee will be paid to the SBTA sponsor, $250 at time of awarded, and the $250 when the project is completed. Businesses with retail stores or that offer face-to-face services may have a chance with successfully crowdfunded campaigns.

Examples Hair Salons/Nail Salons/Day Fitness Centers (gyms, yoga studios, barre studios, Retail Shops (especially flower shops, craft beer & wine shop, craft supply shops, independent bookstores, pottery studios, kitchenware shops, specialty gift shops, This is not an exhaustive list. Eligible businesses not on this Home-based businesses are not eligible to apply to Biz-M-Power.

Examples of ineligible businesses include: This will be a rolling application. Existing will be reviewed by MGCC on a monthly basis. Applicants can hear back within 2-6 weeks of completed submission of application, including all necessary supplementary documents This program is no longer accepting applications.

This program is no longer accepting applications. Biz-M-Power is open to participants who meet the following requirements.

Must be an entrepreneur or small business that: Is operating within Massachusetts with a public-facing, brick-and-mortar (physical) location, or storefront Is employing 1-20 full-time equivalent (FTE) employees, including 1 or more of whom owns the business (1099’s included) Is the business owners’ primary source of income Has an annual revenue not exceeding $2,500,000 Has been legally established/in the early-stages of operations for at least 3 months Is NOT a home–based business Is NOT owned by someone employed by the sponsoring SBTA, if Is NOT a nonprofit, not-for-profit, or charitable organization including church, or religious institution Is NOT a chain (chains are defined as businesses not headquartered in Massachusetts with multiple locations) Is NOT a franchise with more than 2 locations, including individually owned-and-operated (Franchises with up to 2 locations will but MGCC reserves the right to limit grant funding to one location) Is NOT a real estate rental/sales business Is NOT engaged in political or lobbying activities Is NOT a cannabis related business Is NOT member-services organization (social clubs) Is NOT government-owned entity or elected official office Is NOT currently listed on the federal debarment list Is NOT owned by foreign individuals (non-permanent resident) or An individual of 18 years or older at the time of application A United States citizen or permanent resident NOTE: If a person owns multiple businesses and submits an application for each business, MGCC reserves the right to limit grant to one business per owner.

Compliance with federal funds, laws and regulations: Applicants must comply with all Before starting: You are required to be sponsored by an MGCC Small Business Technical Provider.

If you do not have one we would be happy to connect you with a Small Business Technical Assistance SPONSOR - SMALL BUSINESS TECHNICAL ASSISTANCE PROVIDERS applicants will partner with an organization from MGCC’s network of Small Business Technical Assistance (SBTA) Providers first who will then serve as a sponsor to eligible Partnership with a SBTA Sponsor will maximize the potential positive impact of this grant.

SBTA Providers’ understanding of the landscape of small businesses in Massachusetts, familiarity with small businesses’ areas of greatest needs, and extensive network of collaborators Your SBTA Sponsor will support in the Educate the applicant about Support approved grantees with Facilitate communication with all parties involved (MGCC, Patronicity work with their SBTA provider and be nominated by that sponsor to apply to MGCC List of MGCC’s network of SBTA For assistance finding a SBTA Provider to sponsor your business: The application must be filled out and submitted along with attachments as stated in “Required Documentation” electronically through MGCC’s online application portal, Submittable.

Hard copies or electronic copies submitted in any other way, such as mailed in or emailed, will not be considered. Additionally, only complete, accurate and legible applications will be Rolling application process: Applications will be reviewed by MGCC.

Applicants can expect to hear back within 2-6 weeks of the completed submission of their grant application, including all necessary supplementary documents and MGCC Review Team will evaluate applications based on the eligibility criteria and MGCC or Patronicity may contact applicants for additional information on incomplete approval/rejection to applicants via Submittable Your Crowdfunding Campaign Approved applicants will work closely with a crowdfunding coach provided by to prepare the public-facing crowdfunding page, develop reward incentives, and come up with a strategy for a 30-60 day campaign.

Campaigns must launch within 30 days of MGCC approval. Patronicity will provide technical assistance throughout the Crowdfunding campaigns that reach their goals will receive a matching grant on funds raised during your crowdfunding. If the business reached beyond their goal, MGCC will match grant on the set goal amount.

If crowdfunding campaigns fall short of their goal, businesses will still receive the funds raised, just without the matching If your crowdfunding campaign reaches its goal OR raises over $2,500 you will be awarded an MGCC matching grant on all funds raised during your Please be prepared to provide the following documentation when completing the application.

Applications are unable to be submitted A complete copy (all schedules) of your filed 2022 or 2023 Federal Business Tax Return as submitted to the IRS.

If you file Schedule C income, please upload that document in place of a A complete copy (all schedules) of your filed 2022 or 2023 Federal Personal Tax Returns as submitted to the IRS for each business owner with statement, tenant at will agreement, or mortgage statement for verification of brick-and-mortar, public-facing physical owner's valid photo identification (ID).

This ID must match the business owner who is an authorized signer that signs this application. Please submit a photocopy of the front and back of the ID. Examples include (submit one): State-issued driver's license/ID card, U.S. Passport book or card, other valid, state or federal If your business is a LLC, Partnership or Corporation: A copy of your Certificate of Good Standing from the Massachusetts Secretary of State’s office.

Note: If you do not have a Certificate of Good Standing prior to submission of your application, it will be required prior to funding. Note: All entities organized in other states that operate in Massachusetts must be registered and in good standing in Massachusetts.

Note: A Certificate of Good Standing from the Massachusetts Department of Revenue is not required and will not be accepted as a substitute of the Massachusetts Secretary of State’s Certificate of Good Standing.

If your business is a Sole Proprietorship: A copy of your Business Certificate (DBA) from your A copy of quotes/invoices from vendors, contractors, or installers for each item listed in your Biz-M-Power Project Click Here to View the Biz-M-Power Grant Biz-M-Power is no longer accepting applications. If you would like to be kept informed of any updates to the program, please join our email list.

Frequently Asked Questions (FAQ) Before starting: You are required to be sponsored by an MGCC Small Business Technical Provider. If you do not have one we would be happy to connect you with a Small Business Technical Assistance Before starting: Need help applying? If you would like to receive technical assistance with your application, we would be happy to connect you with a Small Business Technical Assistance (SBTA) Provider!

Crowdfunding is when businesses, organizations, or individuals fund a project or venture with contributions from many people. By receiving the necessary boost to cash flow, these ventures get off the ground or launch new projects.

Most of these campaigns happen via internet platforms, have set time frames for when money can be raised, and disclose specific monetary The crowdfunding platform we are utilizing for this grant program is Patronicity. What is "crowd matching" or “crowd granting”? Crowd matching is between funder, platform, projects and the crowd.

At its simplest, matched crowdfunding is the practice of combining funding from an institution, such as a grant from a local authority, with money raised from individual patrons on a crowdfunding platform, to get a Will there be any support provided for marketing my crowdfunding campaign?

Patronicity provides support with ideas and suggestions for best practices and outreach If approved by the MGCC review team, Patronicity will then engage fully with the applicant to polish off the project page, develop a marketing strategy, and build out the crowdfunding Wait for updates on MGCC approval After approval, finalize plans for crowdfunding campaign Yes. However, your start up must have been operational for at least 3 months.

Definition of a capital lease Capital lease, also called Financial lease, is a lease agreement which includes the option of to purchase the asset at the end of the lease term, which usually covers more than 75% of the asset’s estimated economic life. If the lessee does not have the option to purchase the asset at the end of the lease term, then it is an operating lease or renting. I have received an MGCC Grant Award in the past.

Can I still apply to this grant program? Yes, you can apply by being sponsored by a Small Business Technical Assistance Provider Can I apply to Biz-M-Power Matching Grant Program again if I ran a successful campaign or was partially matched by MGCC previously? Not, at this time due limited funding How do you define FTE employees?

Full Time Equivalent (FTE) employees = 40 hours, including 1099's One employee that works 40 hours/week = 1 FTE Two part-time employees that each work 20 hours/week = 1 FTE (because 2 (employees) x 20 What is the full grant program process?

Further details on the grant process can be found in the following languages: TECHNICAL ASSISTANCE PROVIDER (SPONSOR) Prospective applicants need to directly partner with an organization from MGCC’s network of Small Business Technical Assistance (SBTA) providers first who will then serve as a sponsor to eligible small businesses. Partnership with a SBTA Provider as a sponsor will help to maximize the potential positive of this grant.

Our SBTA Providers’ understanding of the landscape of small businesses in Massachusetts, familiarity with small businesses’ areas of greatest needs, and extensive of collaborators helps to optimize this effort.

The SBTA Sponsor will support the applicant in the following ways: Assist the applicant to complete the grant application by: Educating the applicant about the overview of crowdfunding, Navigate the application process, Supporting approved grantees with follow up reporting requirements at the end of Facilitating communication with all parties involved (MGCC Businesses must work with their SBTA provider and be nominated by that sponsor to apply to MGCC for the Biz-M-Power program.

It is incumbent upon the business to identify and initiate a relationship with this SBTA provider if applicant does not already have one. Our list of potential Sponsors can be found on our website (click here) . Once a business has secured an SBTA Sponsor, the entrepreneur may fill out an online application to MGCC’s Biz-M-Power program with their sponsor.

The application must be filled and submitted along with attachments as stated in “Required Documentation” electronically through MGCC’s online application portal, Submittable. Hard copies or electronic copies submitted in any other way, such as mailed in or emailed, will not be considered. Additionally, only complete, accurate and legible applications will be considered.

Applicant must submit the following to MGCC for approval: Completed application (via Submittable) answering all the questions and providing information regarding the business status, projected allocation of approved funds, project costs, and projected outcome(s) Supporting financial statements A complete copy (all schedules) of your filed 2019 (or 2020 if available) Federal Business Tax Return as submitted to the IRS.

If you file Schedule C income, please upload that document in place of a Business Tax Return A complete copy (all schedules) of your filed 2019 or 2020 Federal Personal Tax Returns as submitted to the IRS for each business owner with 20% Completed and signed IRS W-9 Form for your business Other supporting documentation Copy of business lease statement, tenant at will agreement, or mortgage statement for verification of brick-and-mortar, public-facing physical If your business is a LLC, Partnership or Corporation: A copy of your Certificate of Good Standing from the Massachusetts Secretary of If your business is a Sole Proprietorship: A copy of your Business (DBA) from your city/town Projected allocation of approved funds If approved for crowdfunding, contract with Patronicity, MGCC and Small Business Owner for Crowdfunding Platform.

STEP 1: Submit initial application form through Submittable STEP 2: MGCC Review's application STEP 3: Patronicity Process - Tell Us About Your Project STEP 4: Patronicity Process (Continued) - Patronicity Review STEP 5: Patronicity Process (Continued) - Patronicity Polish STEP 6: Patronicity Process (Continued) - Project Goes Live STEP 7: Implementation, Reporting, and Awarding Download the PDF of the FULL Grant Process Grant Program Opens: June 15, 2021 This will be a rolling application.

Existing applications will be reviewed by on a monthly basis. Applicants can expect to hear back within six weeks of submission of their grant application, including all necessary supplementary documents and information.

The first review deadline: August 2, 2021 The second MGCC review deadline: September 7, 2021 The next review deadline: TBD Patronicity Review: If approved by MGCC, application will move forward to be by Patronicity on a rolling basis Crowdfunding Campaign: If approved by MGCC & Patronicity, applicants will have 30-60 days to run their crowdfunding campaign Funds must be used for acquisition, expansion, improvement or lease of a purchase or lease of equipment, or with meeting other capital needs Final approval by MGCC of the proposal of allocation of funds Applicant will submit only one application during the given fiscal year Applicant, with the assistance of their SBTA Sponsor, also agrees to complete reporting requirements after the first six months and then on a quarterly If a person owns multiple businesses and submits an application for each MGCC reserves the right to limit grant to one business per owner MGCC will match up to $20,000 less a $250 fee per project per client Above referenced $250 fee will be paid to the SBTA Sponsor SBTA Sponsor may choose to waive $250 fee Businesses can receive minimum of $2,500 and Dependent upon application acceptance, business must obtain a one-to-one match through the crowdfunding platform in order to receive Upon application approval, the small business applicant must be able to hit target fundraising goal to receive one-to-one matching grant award If you are unable to hit target fundraising goal through crowdsourcing by the [deadline], MGCC will not be able to award any matching grant funds E.G., If you commit to fundraising $10,000 on your application by the [deadline], are only able to raise $7,000 by the [deadline], MGCC will not offer the E.G., If you commit to fundraising $10,000 on your application by the [deadline] and are able to raise $10,000 by the [deadline], MGCC will provide the matching grant award for $10,000 - bringing the total amount received by the small For grant funded applicants, SBTA Sponsors will receive $250 out of total E.G. Applicants grant match is $5,000 less a $250 fee per Above reference $250 fee will be paid to the SBTA sponsor SBTA Sponsor may choose to waive $250 fee Acquire, expand, improve or lease a facility; or Purchase or lease equipment; or Meet other capital needs of a business Funds CANNOT be used for ongoing business operations such as payroll, benefits, buying of inventory, and general working A complete copy (all schedules) of your filed 2019 (or 2020 if available) Federal Business Tax Return as submitted to the IRS.

If you file Schedule C income, please upload that document in place of a Business Tax Return A complete copy (all schedules) of your filed 2019 or 2020 Federal Personal Tax Returns as submitted to the IRS for each business owner with 20% or Completed and signed IRS W-9 Form for your business Copy of business lease statement, tenant at will agreement, or mortgage statement for verification of brick-and-mortar, public-facing physical A copy of the business owner's valid photo identification (ID).

This ID must the business owner who is an authorized signer that signs this application. Please submit a photocopy of the front and back of the ID. Examples include (submit one): State-issued driver's license/ID card, U.S. Passport book or card, other valid, state or If your business is a LLC, Partnership or Corporation: A copy of your Certificate of Good Standing from the Massachusetts Secretary of State’s office.

If you need to request a Certificate of Good Standing, click here: https://corp.sec. state. ma.

us/CorpWeb/Certificates/CertificateOrderForm. aspx . If you do not have a Certificate of Good Standing prior to submission of your it will be required prior to funding.

Note: All entities organized in other states that operate in Massachusetts must be registered and in good standing in Massachusetts. Note: Certificate of Good Standing from the Massachusetts Department of Revenue is not required and will not be accepted as a substitute of the Massachusetts Secretary of State’s Certificate of Good Standing.

If your business is a Sole Proprietorship: A copy of your Business Certificate (DBA) from your city/town Massachusetts Growth Capital Corporation (MGCC) will review all applications to eligibility. MGCC will select grantees based upon eligibility criteria and preference FEDERAL FUNDS, LAWS AND REGULATIONS Applicants must comply with all applicable laws. OTHER QUESTIONS: CONTACT MGCC Email: bizmpower@massgcc.

com Please use the subject line “Biz-M-Power Grant Program” LANGUAGE TRANSLATION Program overview information will be made available in multiple languages. (Application remains in English.) To proceed to the application your business must be working with an approved SBTA Provider.

If you are not already working with an SBTA provider, click the button below to fill out a form to be matched to an SBTA provider that will be best for your business. Click here to request to be introduced to an SBTA Provider This program provides a matching entrepreneurs and small business owners in Massachusetts who have been challenged to access financing to startup and grow their business.

In partnership with Patronicity, MGCC seeks to provide a platform for small business owners & entrepreneurs to get contributions and obtain the gap funds they need to startup and grow their business. Technical Assistance (TA) partner organizations will nominate their business clients and assist them with the application to ensure that they are receiving technical assistance and education as needed.

The program will promote the economic success of small businesses owned by minorities, women, immigrant, and other low-moderate income business owners in MA. This program seeks to provide entrepreneurs and small businesses owners in unserved communities, with new knowledge and skills for growing their business.

By advancing toward innovative approaches to bridge the gap in obtaining capital through a crowding platform to earned support of local residents, neighborhoods, community members, and stakeholders alike. Biz-M-Power is open to participants who meet the following requirements.

Must be an entrepreneur or small business that: Is based in Massachusetts with a brick-and-mortar (physical) establishment operating within Is employing 1-20 FTE employees, including 1 or more of whom owns the business Is the business owners’ primary source of income Has an annual revenue not exceeding $2,500,000 Has been nominated by a Technical Assistance Provider through MGCC’s Small Business Technical Has been legally established/in the early-stages of business operations for at least 3 months Is NOT a nonprofit, not-for-profit, or charitable organization Is NOT a franchise with more than 2 locations, including those individually owned-and-operated up to 2 locations will be considered) Is NOT a real estate rental/sales business Is NOT a cannabis related business An individual of 18 years or older at the time of application A United States citizen or permanent resident Businesses can receive minimum of $2,500 and a maximum of $20,000 Dependent upon application acceptance, business must obtain a one-to-one match through the in order to receive grant award Upon application approval, the small business applicant must be able to hit target fundraising one-to-one matching grant award If you are unable to hit target fundraising goal through crowdsourcing by the [deadline], MGCC to award any matching grant funds E.G., If you commit to fundraising $10,000 on your application by the [deadline], but are only $7,000 by the [deadline], MGCC will not offer the one-to-one matching E.G., If you commit to fundraising $10,000 on your application by the [deadline] and are able to by the [deadline], MGCC will provide the one-to-one matching grant award for $10,000 - bringing received by the small business to $20,000.

For grant funded applicants, SBTA Sponsors will receive $250 out of total grant match E.G. Applicants grant match is $2,500 less a $250 fee per business owner Above reference $250 fee will be paid to the SBTA sponsor SBTA Sponsor may choose to waive $250 fee Acquire, expand, improve or lease a facility; or Purchase or lease equipment; or Meet other capital needs of a business Non-Approved Use of Funds Funds CANNOT be used for ongoing business operations such as payroll, benefits, buying of If you are ready to apply, please click the “APPLY NOW” Button below – it will take you to MGCC’s BIZ-M-POWER Grant Program Application via Submittable.

Biz-M-Power Grant Process Full Details of Biz-M-Power MGCC Overview Video from Patronicity on Vimeo .

Massachusetts Growth Capital Corporation (MGCC) is a central state resource that offers working capital, loan guarantees, and targeted technical assistance to solve specific financial and operational problems for small businesses with attention to businesses in underserved, Gateway Cities and low-to-moderate income communities that are owned by women, immigrant, veteran, and minorities.

MGCC works with traditional financial institutions to make challenging loans bankable, working with community development corporations and other non-profits to provide financing for job-producing projects, and for assisting a wide range of small businesses to find the growth capital