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Massachusetts Growth Capital Aims to Help Women and Minority Owned Startups

Small businesses, especially those owned by women, often face major challenges when looking for business startup funding. It is difficult to find funding through the mainstream banking system. Companies like Massachusetts Growth Capital are beginning to pop up everywhere, and they aim to help women and minority-owned businesses with financing.

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.