EforAll Receives Grants from Massachusetts Growth Capital Corporation
Small Business Technical Assistance Grant Program announced by Lt. Governor Karyn Polito, Housing & Economic Development Secretary Mike Kennealy, and Massachusetts Growth Capital Corporation President & CEO Larry Andrews
Boston, MA – November 20, 2019 – Continuing to help under-resourced individuals successfully start and grow their businesses, the nonprofit Entrepreneurship for All (EforAll) announced today that in partnership with eleven local organizations, it has received funding from the Massachusetts Growth Capital Corporation (MGCC) for its sites in Cape Cod, the South Coast (Fall River and New Bedford), Lynn, Lawrence, Lowell, Roxbury and Berkshire County. It also received funding for its Holyoke site as a sole grant applicant.
Lt. Governor Karyn Polito, Housing & Economic Development Secretary Mike Kennealy and MGCC President & CEO Larry Andrews celebrated all the grant recipients at a ceremony yesterday afternoon in Harwich Port.
The funding is provided as part of MGCC’s state-funded Small Business Technical Assistance Grant Program, which builds operational capacity and skills of organizations that are providing technical assistance, education, and access to capital to small businesses, including many owned by minorities, women and veterans. The grant program strengthens ongoing business development activities in low- to moderate-income and underserved communities and in Gateway Cities across the state.
“MGCC is pleased to partner with the of mission of making entrepreneurship available to all, especially people that are often under-resourced,” said MGCC President and CEO Larry Andrews. “We have seen the successes of the program based on the cohort model and mentor relationships, which are key to learning, paired with a devoted EforAll staff. We look forward to further expansion of EforAll throughout the Commonwealth of Massachusetts.”
Founded in 2010 by entrepreneurs Jaishree and Desh Despande as Merrimack Valley Sandbox, EforAll now runs its no-cost Business Accelerator program in nine communities across Massachusetts, providing individuals with intensive training and mentorship support to launch their businesses.
“We’re thrilled to receive this funding in partnership with local organizations to increase the number of entrepreneurs we serve across the Commonwealth, particularly women, immigrants and people of color,” said David Parker, CEO of EforAll. “We are uniquely positioned to help under-represented individuals start businesses and nonprofits that address a real need and create jobs in their community. Through the Small Business Technical Assistance Grant Program, we will be able to hold more educational workshops and outreach events, as well as attract more volunteers to serve as coaches and mentors.”
Seventy-five percent of EforAll businesses are owned by women, 54 percent are immigrant owned, and 56 percent are owned by people of color. Fifty-six percent of EforAll businesses are owned by people who were previously unemployed.
EforAll’s Business Accelerator Program is a yearlong program offered twice a year at no cost to participants. Practical, in-person sessions with content specialists cover critical early-stage business challenges (i.e. value proposition, fundraising, bookkeeping, pricing, social media). Each entrepreneur is matched with a team of three mentors and has the oppourtunity to win seed money each quarter. EforAll also holds pitch contests that are open to everyone and offer an opportunity to validate a business idea, win cash prizes, network with local business owners and meet potential customers.
Entrepreneurship for All (EforAll) is a nonprofit organization that partners with communities nationwide to help under-resourced individuals successfully start and grow a business through intensive business training, mentorship and an extended professional support network. To date, EforAll alumni have launched nearly 350 businesses and created 687 local jobs. Programs are available in both English and Spanish. EforAll is currently available in the following MA communities: Berkshire County, Cape Cod, Fall River, Holyoke, Lawrence, Lowell, Lynn, New Bedford and Roxbury as well as Longmont CO. To learn more about EforAll, please visit eforall.org.
About Massachusetts Growth Capital Corporation (MGCC)
MGCC works to create and preserve jobs at Massachusetts small businesses, women and minority owned businesses, and promotes economic development in underserved, Gateway Cities and low and moderate income communities. MGCC is a central state resource that offers working capital, loan guarantees, and targeted technical assistance to solve specific financial and operational problems for local businesses. MGCC works with traditional financial institutions to make challenging loans bankable, working with community development corporations and other non-profits to provide financing for job-producing projects and assisting a wide range of small businesses find the growth capital they require. Since inception, MGCC has assisted more than 7,400 companies with over 19,200 employees with customized working capital financing commitments totaling over $122,000,000.