Legislative Update – Representative Dawne Shand

On July 13^th, I gathered business owners and municipal leaders for a conversation with CEO Larry Andrews of Massachusetts Growth Capital Corporation. As a part of our promise to bring state attention and business resources to the First Essex, this event was all about building up the Northeast of the Commonwealth. We are grateful to Mr. Andrews and his staff for helping us put together this event, and for their continued support of local businesses in Salisbury, Newburyport, Amesbury, and Merrimac.

MGCC is mandated to support the creation and retention of jobs, and promote economic development, revitalization and stability. There are several ways in which they help small businesses, and many were highlighted at our event in Newburyport. These avenues for businesses include commercial loans to companies unable to obtain traditional financing (up to $2 million), guidance to business owners to attain capital and provide technical assistance as identified, grant programs that seek to fund directly to businesses, as well as indirectly supporting businesses through funding CDCs and CDFIs that provide ongoing business-development services.

One of the fascinating tools they offer for small businesses is the “Biz-M-Power," a crowdfunding matching grant program. This program offers small businesses access

to 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. If a business is able to crowdfund a minimum of $1,500 and a maximum $20,000, they are eligible to receive a 2:1 matching grant from MGCC.

In other news this month, we are encouraging those who are traveling to Boston for summer fun to #DitchtheDrive. I know when I come into the State House, I am certainly enjoying the views (and the lowered fares) when commuting to Boston. You can check out my Facebook page for updates while the Sumner Tunnel construction is ongoing. There is no better time of the year to visit the city of Boston than the summertime, and these reduced fares ensure an easy and environmentally friendly mode of transportation.