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The Mission of the Massachusetts Growth Capital Corporation is to create and preserve jobs at small businesses, women and minority owned businesses, and to promote economic development in underserved, gateway municipalities and low and moderate income communities. In 2010, Governor Deval Patrick signed into law an economic development bill designed to help small businesses create jobs, in part by providing greater access to capital through the creation of the Massachusetts Growth Capital Corporation. New capital of $35,000,000 was provided. Formation of MGCC involved consolidation of the Massachusetts Community Development Finance Corporation (CDFC) and the Economic Stabilization Trust (EST). MGCC provides a centralized resource at the state level that offers working capital, loan guarantees, and targeted technical assistance to solve specific financial and operational problems. MGCC will provide 50% of the cost of such assistance while the company being assisted will invest the other 50%. MGCC has save and created over 19,200 jobs and delivered $122 million in financial commitments to small business owners. The firm offers financing options from $100,000 to $2,000,000 including term loans, lines of credit, real estate enhancement financing, guarantees and more.
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