SBTA Funding Restored, $2 Million in Grants Awarded to 40 TA Providers
MACDC salutes the Baker Administration and the Legislature for funding the Small Business Technical Assistance (SBTA) program at $2 million in FY 2019, to ensure that this outstanding network of CDCs, CDFIs and other community-based groups continue helping small businesses grow and thrive in every community.
In early October, The Baker Administration and the Massachusetts Growth Capital Corporation (MGCC) – the administrator for the SBTA program, announced the awards of $2million in grants to 40 organizations. The grants range from $10,000 -- $120,000 and will allow these community-based organizations to provide customized management and operational assistance, financial training and lending services to small businesses, resources that are targeted to serving low- to moderate-income communities across the Commonwealth. (You can learn more about these non-profit organizations and the programs they provide here.)
These grants were made possible thanks to a legislative campaign led by MACDC earlier this year. In January 2018, MACDC wrote to Governor Baker and legislative leaders to outline our FY 2019 budget priorities and restoring funding for the Small Business Technical Assistance (SBTA) program to at least $2 million was at the top of the list. (The program had been funded for FY ‘18 at just $750,000, a 62% reduction in two short years).
Our members know we have an obligation to support people of color and people living in poverty as they seek support for building businesses and bringing opportunities to their neighborhoods and towns. Governor Baker’s FY 2019 budget submission proposed to restore funding for SBTA to $2 million, and the House and Senate leadership affirmed its support throughout the final budget process this summer.