Anne-Marie Saint-John, Alva, Long Island City, NY >
New York, NY., June 10, 2021 – Massachusetts Growth Capital Corporation (MGCC) awarded Ascendus $1.25 million to support COVID-19 relief and recovery efforts across Massachusetts through the CDFI & CDC Capital Match Program. Ascendus is among a group of non-profit community-based lender grantees with a proven track record of lending and investing in small businesses in underserved communities in Massachusetts. MGCC’s grant will enable Ascendus to provide over $1.5 million in critical COVID-19 recovery capital to Massachusetts entrepreneurs as they navigate the end of COVID’s acute period and the post-COVID economic hardship that will remain.
MGCC’s CDFI & CDC Capital Match Program seeks to increase the flow of capital and spur job creation into Massachusetts’s small businesses and create recovery, sustainability, resilience, and growth. By providing a new source of matching funds for established regional certified nonprofit lenders, the program seeks to build the capacity of these lenders to finance regional business growth.
Ascendus and its grantee counterparts were selected because of their diverse portfolio make-up, and particular investment pool of at least 60% in businesses that are women-owned, minority-owned, LGBTQ+-owned, veteran-owned, disabled individual-owned, immigrant or non-native English-speaking populations, low-to-moderate income Entrepreneurs, businesses located in economic disadvantaged urban or rural communities, and businesses located in Gateway Cities.
Governor Charlie Baker and Lt. Governor Karyn Polito joined Springfield Mayor Domenic Sarno and MGCC President and CEO Larry Andrews to announce the small business recovery funding efforts and grants to support the underserved small business community. Learn more here https://www.youtube.com/watch
For more information contact Coco Corona, Ascendus Communications and Marketing Manager at [email protected].
Ascendus is a nonprofit small business lender working to create economic opportunity by providing entrepreneurs with access to the capital and the business support they need to create and grow healthy enterprises and contribute to thriving local economies. Since 1991, Ascendus has provided more than $200 million to 25,000 small businesses owners across the country.
About Massachusetts Growth Capital Corporation (MGCC)
MGCC strives to create and preserve jobs at small businesses, inclusive of those owned by women, minorities, immigrants and veterans. MGCC also works to promote economic development throughout the Commonwealth, with special attention paid to business needs in underserved areas, Gateway Cities and low to moderate income communities. Learn more here.