Centerville, MA: Massachusetts Growth Capital Corporation (MGCC) has awarded Centerville-based Coastal Community Capital a Small Businesses Technical Assistance Grant to support its mission of funding small businesses and creating jobs in the Commonwealth.
The grants were announced at a celebratory event in downtown Fitchburg on October 12th at Strong Style Coffee, a small business that recently benefitted from the grant program. The event was attended by Lt. Governor Karyn Polito and local elected officials.
The purpose of MGCC’s grant program is to expand economic and entrepreneurial opportunity in the state of Massachusetts. Grants totaling $2 million were awarded to 40 nonprofit organizations across the state. The grant will enable Coastal Community Capital, a community development lender, to provide business loans, individualized business management assistance and financial training workshops to businesses, with a focus on low- to moderate-income, underserved communities and Gateway Cities in Massachusetts. Barnstable is a Gateway City.
"These local grantees have a real impact on job creation and economic development across the Commonwealth," said Larry Andrews, President of MGCC. "We now have an independent, third-party evaluation of the program that confirms the positive impacts as a result of the program in underserved communities. This year’s grants will provide funding for non-profits to inclusively support and strengthen small businesses through managerial assistance, education and access to capital.”
Jeannine Marshall, President of Coastal Community Capital, remarked on the program’s value, “Because of Mass Growth Capital’s assistance over the years, we have provided millions of dollars of loans to businesses. In turn, these businesses create vibrant communities generating
economic development activity, building capacity, encouraging economic progress, creating and retaining jobs and producing wealth.”
The Centerville-based Coastal Community Capital is a community development lender providing capital statewide. Since inception, Coastal has supported Massachusetts businesses, providing many millions of dollars in loans and creating and retaining over 5,000 jobs. Coastal lends directly, and if necessary, partners with the SBA providing up to 25 year, low, fixed interest rates for real estate acquisition and debt refi. Loans range from $5,000 to $20,000,000. Coastal also provides business training through one-on-one mentoring and year-round workshops. Coastal is certified by the U.S. Department of the Treasury as a Community Development Financial Institution and by the U.S. Small Business Administration as a Certified Development Corporation. This institution is an equal opportunity provider and employer.