We connect to

RESOURCES

Massachusetts -- particularly Boston -- is abundant in programs and initiatives that provide support like capital, technical assistance, and advisers to small businesses. However, it can be difficult to locate them all, know key dates, or know which is best for you. 

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At BECMA, we are doing our best to provide a comprehensive list of all of the important resources in the small business ecosystem and put them in one place for your benefit. Review each category to find the best fit for you. Got questions? Reach out for more information at info@becma.org.

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*NOTE* This list is being constantly updated. Check back regularly for new programs and refreshed dates.

3.  Accelerator Programs

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4.  Business Agencies

Access to Capital

Access to

CAPITAL

Banks

Berkshire Bank

Program Friends & Family Fund About Berkshire Bank is proud to partner with The Runway Project to create the Friends & Family Fund CD aimed at helping entrepreneurs of color access the seed capital they need in order to launch the businesses of their dreams. Criteria

  • Business owned by a Person of Color
  • Start-up or early growth stage
  • Industry agnostic
Offering
  • $5,000–$20,000 loans
  • 3–5 year terms
  • 4% annual interest rate
  • 18–24 month interest-only period
  • Flexible and supportive underwriting criteria
Learn more



Eastern Bank

Program Friends & Family Fund About Berkshire Bank is proud to partner with The Runway Project to create the Friends & Family Fund CD aimed at helping entrepreneurs of color access the seed capital they need in order to launch the businesses of their dreams. Criteria

  • Business owned by a Person of Color
  • Start-up or early growth stage
  • Industry agnostic
Offering
  • $5,000–$20,000 loans
  • 3–5 year terms
  • 4% annual interest rate
  • 18–24 month interest-only period
  • Flexible and supportive underwriting criteria
Learn more



Government

U.S. Small Business Administration

Program Lender match About Lender Match is a free online referral tool that connects small businesses with participating SBA-approved lenders. Entrepreneurs can receive a loan from $500 to $5 million, depending on your needs, eligibility, and business. Checklist Here is an abbreviated checklist of what lenders are looking for:

  • Business plan
  • Amount and use of funds
  • Credit history
  • Financial projections
  • Collateral
  • Industry experience
Learn more



Massachusetts Growth Capital Corporation

Program SBA Microloan program. About The Microloan program provides financing from $5,000 to $50,000 to Massachusetts small businesses to assist with working capital, or the purchase of furniture, fixtures, supplies, materials, and/or equipment. Offerings

  • Term loans from $5,000 to $50,000
  • Amortization up to 6 years
Criteria
  • Existing business
  • For profit businesses or not-for-profit childcare businesses
  • Headquartered in Massachusetts
  • Minimum personal credit score of 575

  • 2 years tax returns; business and personal

  • Lien on all business assets

  • Personal guaranty (may require security)

  • Certain industries are ineligible, including real estate investments

Key Dates
  • Rolling basis
Learn more



Programs



Technical Assistance

 
 

Technical

ASSISTANCE

Government

U.S. Small Business Administration

Program 8(a) Business Development program About To help provide a level playing field for small businesses owned by socially and economically disadvantaged people or entities, the federal government limits competition for certain contracts to businesses that participate in the 8(a) Business Development program. Disadvantaged businesses in the 8(a) program can:

  • Compete for set-aside and sole-source contracts in the program
  • Get a Business Opportunity Specialist to help navigate federal contracting
  • Form joint ventures with established businesses through the SBA's mentor-protégé program
  • Receive management and technical assistance, including business training, counseling, marketing assistance, and high-level executive development
You can compete for contract awards under multiple socio-economic programs, as they apply. Criteria To qualify for the 8(a) program, follow this eligibility checklist:
  • Be a small business
  • Not already have participated in the 8(a) program
  • Be at least 51 percent owned and controlled by U.S. citizens who are economically and socially disadvantaged
  • Be owned by someone whose personal net worth is $250,000 or less
  • Be owned by someone whose average adjusted gross income for three years is $250,000 or less
  • Be owned by someone with $4 million or less in assets
  • Have the owner manage day-to-day operations and also make long-term decisions
  • Have all its principals demonstrate good character
  • Show potential for success and be able to perform successfully on contracts
Learn more



Programs

Foundation for Business Equity

Program Business Equity Initiative About Launched in 2017, the Business Equity Initiative (BEI) starts with the unique needs of each business and digs deeper to support the business owner while also strengthening the entrepreneurial ecosystem to provide the essential tools required to drive revenue growth. Offerings

  • Strategic advisors
  • Direct service specialist
  • Customers and contracts
  • Growth capital
  • Peer-to-peer support
  • A great advisory board
Criteria
  • MBE certified or certifiable
  • Able to make the necessary financial and time commitment
  • Sustained revenues of at least $800,000/year
  • Demonstrate a proven business model
  • Strong leadership willing and ready to substantially grow
  • Located in Eastern MA or Southern NH
Key dates
  • BEI Cohort V Applications Due: November 22, 2019
  • BEI Cohort V Kickoff: January 21, 2020
Learn more



Meet the Board

Accelerator

PROGRAMS

The Advisors

 

© 2020 Black Economic Council of Massachusetts, Inc.

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