Massachusetts small business grants and loans, and who qualifies

Key takeaways

• The Massachusetts Growth Capital Corporation merged into MassDevelopment in February 2025 and is now MassDevelopment’s Growth Capital Division, so state small business grants and loans are listed on massdevelopment.com.
• Biz-M-Power, the state matching grant for businesses with fewer than 20 employees and no more than $2.5 million in revenue, was closed to applications when checked on November 13, 2026.
• MassDevelopment’s Microloan lends $5,000 to $100,000 to Massachusetts-headquartered businesses that have operated for at least 12 months.
• ReStore Boston reimburses 50% to 90% of project costs, up to $8,000 for a sign and up to $200,000 for a facade, with five application deadlines a year.
• The U.S. Small Business Administration states that it does not provide grants for starting and expanding a business; its 7(a) loans go up to $5 million and its microloans up to $50,000.

Massachusetts small business grants are awards of public money that a business does not repay, and in November 2026 there are few of them that an ordinary for-profit shop, restaurant or service firm can apply for directly. Most public funding for small businesses in Massachusetts is a loan or a loan guarantee. If you own or manage a small business in Boston or a nearby city or town, the realistic list is short: one state matching grant that opens in rounds, one City of Boston storefront grant, and a longer set of state, city and federal loans.

The sections below cover who runs each program, the published dollar amounts, the eligibility rules, and which programs were open on November 13, 2026.

What Massachusetts small business grants can a business apply for?

Massachusetts small business grants that a for-profit business can apply for directly come down to Biz-M-Power at the state level and ReStore Boston at the city level. Biz-M-Power is a matching grant run by MassDevelopment, the state’s development finance agency. According to MassDevelopment’s grant programs page, the grant helps small businesses and microbusinesses offset the cost of buying, expanding, improving or leasing a facility, buying or leasing equipment, and other capital needs.

Biz-M-Power is open to businesses with fewer than 20 employees and no more than $2.5 million in revenues, and applicants have to show 20% of the owner’s funds available when they apply. The page said “The deadline to submit an application has passed” when checked on November 13, 2026, and offers a mailing list for news of the next round. In the fourth round, which opened in March 2024, MassDevelopment awarded $779,397 to 62 businesses in April 2025. Those grants ranged from $2,500 to $20,000, and each business had to raise matching money through crowdfunding.

Several other MassDevelopment grants carry “small business” in the name but pay nonprofits, not businesses. The Small Business Technical Assistance Grant Program, for example, offers up to $150,000 for fiscal year 2027 to nonprofit organizations that advise small businesses. A business benefits indirectly, through free advice from those nonprofits.

What happened to the Massachusetts Growth Capital Corporation?

The Massachusetts Growth Capital Corporation (MGCC) merged with MassDevelopment in February 2025 and became the Growth Capital Division of MassDevelopment, according to a MassDevelopment announcement dated April 14, 2025. MGCC was the state agency that created Biz-M-Power in 2021.

Older articles still send owners to MGCC’s former website, which did not load when tested on November 13, 2026. Current grant and loan applications are linked from massdevelopment.com.

What loans does MassDevelopment make to small businesses?

MassDevelopment makes small business loans that start at $5,000 and reach $2 million through its Growth Capital Division. The Microloan is the entry point. According to MassDevelopment’s loans page, a Microloan is a term loan of $5,000 to $100,000, repaid over up to six years, for working capital or for furniture, fixtures, supplies, materials and equipment.

MassDevelopment lists these Microloan requirements:

• The business has been actively operating for at least 12 months.
• The business is for-profit, or is a nonprofit childcare business.
• The business is headquartered in Massachusetts.
• The owner has a personal credit score of at least 575.
• The loan is secured by a lien on all business assets and a personal guaranty.

Larger needs go to the division’s working capital products: term loans, lines of credit and bank loan guarantees of up to $2 million each. MassDevelopment requires a personal guaranty from owners with 20% or more of the equity.

One limit applies across these products. MassDevelopment’s working capital page says the division does not lend to startups or pre-revenue businesses, excludes real estate businesses, and does not allow loan proceeds to be used to pay taxes.

What grants and loans does the City of Boston offer?

The City of Boston offers one storefront grant, ReStore Boston, and four financing programs for businesses located in Boston. The Mayor’s Office of Economic Opportunity and Inclusion and the Office of Small Business describe the four on the city’s Boston Small Business Financing page. These are city programs, so a business in Cambridge, Somerville or Brookline has to ask its own municipality.

Program	Run by	Published amount
ReStore Boston signage grant	City of Boston Office of Small Business	50% to 90% of cost, up to $8,000
ReStore Boston facade grant	City of Boston Office of Small Business	50% to 90% of cost, up to $200,000
Boston Local Development Corporation standard loan	Boston Local Development Corporation	$40,000 to $150,000
Boston Local Development Corporation Backstreets loan	Boston Local Development Corporation	Up to $250,000 (industrial and manufacturing)

The Boston Local Development Corporation (BLDC) is a private nonprofit lender staffed by the city’s Planning Department. Its loan page says the borrower must be a for-profit business in the City of Boston, that owners of 20% or more must give a personal guaranty, and that BLDC collects a 1% fee at closing. BLDC’s benchmark is the Wall Street Journal Prime Rate plus 2%, and the page listed a current rate of 6.75% on November 13, 2026.

The other three city programs publish no dollar amounts. The Neighborhood Business Access Program provides small-dollar, low-interest financing to businesses that create or retain jobs and benefit low-to-moderate income residents. The Small Business Growth Fund lends alongside a participating private lender. The Commercial Acquisition Assistance Program helps an established business buy its own space.

Who qualifies for a ReStore Boston storefront grant?

A ReStore Boston storefront grant goes to a for-profit business with a physical storefront in Boston that meets the city’s lease and good-standing rules. ReStore Boston is the City of Boston’s signage and facade improvement grant, funded mainly by federal Community Development Block Grants. According to the city’s ReStore Boston page, the applicant must meet these minimum requirements:

• At least three years remaining on the lease, and the landlord’s permission for the work.
• Funds on hand to cover the owner’s share of the cost.
• No outstanding bills with the Assessing Department, Boston Water and Sewer Commission, Public Works or Inspectional Services.
• No solid roll-down grates or backlit plastic sign boxes.

ReStore Boston is a reimbursement grant. You pay the contractor first, invoice the city, and the city pays back its share. The city states that most grants go to businesses in or serving low-to-moderate income areas and that applying does not guarantee an award. The five yearly review deadlines are February 1, April 1, May 15, September 1 and November 1.

Does the SBA give grants to small businesses?

The SBA does not give grants to start or expand a small business. The U.S. Small Business Administration says so directly on its grants page, which explains that SBA grants go to nonprofits, resource partners and educational organizations that counsel and train entrepreneurs.

Two exceptions exist. Small businesses doing scientific research and development may qualify for federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) awards. The State Trade Expansion Program (STEP) sends federal money to state governments, which use it to help established small businesses export.

Which SBA loans can a Massachusetts small business use?

SBA loans available to a Massachusetts small business fall into three main programs, and in each one you apply to a lender, not to the SBA. The amounts below are from sba.gov as of November 13, 2026.

• The 7(a) loan is the SBA’s primary program, with a maximum loan of $5 million.
• The 504 loan is long-term, fixed-rate financing for major fixed assets, made through Certified Development Companies, with a maximum of $5.5 million. A 504 loan cannot pay for working capital or inventory.
• The SBA microloan provides up to $50,000 through nonprofit intermediary lenders. Microloan proceeds cannot pay existing debts or buy real estate.

For all three programs, the SBA requires an operating, for-profit business located in the United States that is small under SBA size standards. A 7(a) borrower must also be unable to get the credit on reasonable terms elsewhere.

How do you find the right program and apply?

To find the right program and apply, start with what the money is for and how long the business has operated, then go to the agency that funds that use. The steps are:

1. Call the City of Boston Office of Small Business at 617-635-0355 and ask for your Neighborhood Business Manager, who can point a Boston business to city financing and free technical assistance.
2. Check MassDevelopment’s grant programs page for an open Biz-M-Power round, and join its mailing list if the round is closed.
3. Gather the documents lenders ask for. MassDevelopment’s loan checklist starts with three years of financial statements or tax returns.
4. Use the SBA’s Lender Match tool on sba.gov to reach 7(a) lenders, or contact an SBA microloan intermediary.
5. Register on the state’s Business Front Door, a portal from the Executive Office of Economic Development that assigns a state contact and lists relevant state resources.

What should you recheck before you act?

Every program status and dollar figure in this guide was checked on November 13, 2026. Confirm these with the agency named:

• Biz-M-Power status, award range and match rules: MassDevelopment’s grant programs page. The $2,500 to $20,000 range describes the round awarded in April 2025.
• Microloan, term loan and line of credit amounts, fees and credit requirements: MassDevelopment’s loans and working capital pages.
• ReStore Boston caps, reimbursement percentages and the five deadlines: the City of Boston’s ReStore Boston page and its User Guide.
• BLDC loan sizes and the 6.75% rate, which moves with the prime rate: the BLDC loan page.
• SBA maximum loan amounts and eligibility: sba.gov, or the SBA Massachusetts District Office.

This guide is general information, not legal or tax advice. Rules and fees change; confirm the current requirements with the agency named before you file or pay.

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