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March 18, 2015

$1M small business snow relief loan program begins

The Massachusetts Growth Capital Corporation (MGCC) issued its first snowstorm loan Tuesday from a fund that has up to $1 million available to small businesses across the state.

The $5,000 to $10,000, low-interest loans are intended to help small businesses stabilize and recover in the wake of lost revenue from this winter’s storms, according to MGCC. The organization issued its first $10,000 loan to Dorchester caterer Down Home Delivery & Catering on Tuesday.

“It’s been a tough winter and these micro-loans can make the difference to meeting a payroll, or paying the rent. We’re here to help and hope other businesses that need a hand will take advantage of this great opportunity,” MGCC President Larry Andrews said.

The loans will be available to small businesses located in communities impacted by the harsh winter weather, particularly those in Boston and in Gateway cities (which include Worcester, Fitchburg and Leominster), according to MGCC. The program is anticipated to run through May. MGCC will be responsible for funding the loans, managing the loan portfolio, collecting interest and principal payments, and all loan approval decisions. More information about applications, terms and conditions is available at www.massgcc.com.

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