Business Start Up In Massachusetts: Funding & Other Incentives
Massachusetts has many advantages for company start up including several forms of direct funding and grants for everything from equipment purchase to actual training. This article summarises 3 of the most popular funds available and who can benefit from them. The Massachusetts Government has a comprehensive business portal which will give you much more detailed information about each of these grants.
- For tech companies: Consider ETF Funding; The Massachusetts Emerging Technology Fund (ETF) assists technology companies that are starting up or expanding manufacturing operations in Massachusetts. If your Startup Company or operations qualify, this generous fund provides financing for working capital, manufacturing facilities, and equipment. Additionally it provides loan guarantees which are often hard to obtain with an unproven track record.
- For small businesses: Consider the Step Program Grant, also known as the State Trade and Export Promotion Grant Program. This grant is ideal for small businesses looking to expand in the area of export goods and services. As per the Massachusetts State Government website the grant can be used “to help offset international business development and related marketing costs for small businesses. Grant proceeds may be used for specific international business development and marketing costs, including but not limited to:
- Foreign trade show and conference participation;
- MOITI and/or U.S. Department of Commerce (“DOC”) sponsored trade missions;
- Use of the U.S. Department of Commerce’s Gold Key service and other DOC services;
- Foreign business-to-business matchmaking services;
- Translation and product localization-related services, including compliance with foreign regulatory requirements; and,
- Targeted advertising in overseas industry trade publications. Grant proceeds will not cover certain activities, including but not limited to: routine business operation and infrastructure-related expenses, attendance at domestic trade shows and conferences, travel expenses, and staffing related costs.”
- Not for Profit business Startups: The Small Business Technical Assistance Grant Program is ideal for startups who need business consulting expertise services. This type of grant is invaluable to new startups as funds typically do not stretch to experienced employees who have real experience in the relevant markets. Typically a startup with minimum perks will also not be attractive to this type of experienced person. This grant was established in 2006 and has funded a diverse range of businesses; everything from micro lenders to chambers of commerce. The grant provides for on-site assistance of the appropriate technical expertise. Applications for this grant are popular and so competitive;
There are several other grants available from the Massachusetts Government including safety training grants, employee training grants, research and technological training grants. Visit the Massachusetts Government website for more details and application forms for these grants.
Healy Consultants Group PLC have been helping companies set up and obtain funding in Massachusetts for over a decade, do contact our inhouse experts at
- Funds and Grants: https://www.mass.gov/portal/business/funding-financing/grants/
- Company Registration In Massachusetts: https://www.healyconsultants.com/massachusetts-company-registration/