Business Resource Center
The sections below offer links to state, local and national resources and information for both immigrant entrepreneurs and financial partners and lenders. The majority of the business development services provided by state and local government as well as nonprofit organizations are free of charge, and many target the needs of small and minority-owned businesses. Many community-based organizations, including ethnic minority organizations and community development corporations, also offer English language classes, skills training, career advising, and business development consulting. Ethnic and neighborhood business associations, regional chambers of commerce, and local government economic development bodies can also provide a source of local and regional business information, technical assistance, peer support, advocacy, and marketing opportunities.
- Massachusetts Resources for Immigrant Entrepreneurs
- Local and Regional Resources (incl. Ethnic/Minority Business Associations)) – click here for a calendar of training events in your town or region
- Resources for Financial Partners and Lenders
Massachusetts Resources for Immigrant Entrepreneurs
Starting a Business in Massachusetts: A Guide for New American Entrepreneurs
- Developed by the MIRA Coalition, this guide provides a basic picture of what the New American entrepreneur will need to open a business in Massachusetts, and helps would-be business owners find the best tools, training and financing opportunities to start and keep a business going. The guide also provides an overview of the many resources available in Massachusetts for business owners who are just starting out to help them plan, create and finance a new venture. The guide can be useful as well for community-based organizations or other immigrant- or refugee-serving groups whose staff or membership need to access reliable, up-to-date information about starting or maintaining a business.
Business Development Information and Assistance (Statewide and Boston-based)
- The State of Massachusetts’ online Business Development Portal has information, tools, and more to help new business owners succeed in the Commonwealth. Tools include 12 easy steps to jump-start the process and easily move through the planning, financial, and legal aspects of launching a company; help with understanding and managing taxes; and resources for training, counseling, and other assistance, all geared towards business owners.
- The Massachusetts Office of Business Development is a state office that facilitates access to resources and incentive programs to support the growth of businesses in Massachusetts, including online resources for Starting a Business, Guides for Small Business, Funding and Financing, Tax Incentives, Permitting, Hiring and Managing Employees, Site Selection, Key Industries, and FAQs.
- The Massachusetts Small Business Development Center (MSBDC) Network provides one-to-one free comprehensive and confidential services focusing on business growth and strategies, financing and loan assistance, and strategic, marketing and operational analysis.
- The Massachusetts State Supplier Diversity Office helps promote the development of business enterprises and non-profit organizations owned and operated by minorities or women.
- The Massachusetts Office of Business Development houses the Boston Loan Development Corporation.
- The City of Boston’s Department of Neighborhood Development offers a wide range of services for local businesses, including grants and targeted technical assistance, a Boston Main Streets program, and an interactive Boston Business Hub to connect entrepreneurs with the City’s small business services and business development professionals.
- The Boston Service Core of Retired Executives (SCORE) is a business counseling service working in partnership with the U.S. Small Business Association.
- An important new initiative for immigrant entrepreneurs is the U.S. Citizenship and Immigration Services’ (USCIS) “Entrepreneurs in Residence” program. USCIS has also created an Entrepreneur Pathways web portal that addresses immigration issues facing entrepreneurs coming to the U.S.
- The Boston Redevelopment Association’s Back Streets program is designed to support small and medium-sized industrial and commercial businesses that help form the city’s economic backbone.
- The Boston Entrepreneurs’ Network is a special interest group of the Boston section of the Institute of Electrical and Electronic Engineers; their goal is to connect early stage entrepreneurs with information and resources necessary to transform an idea into a successful product or service business.
Information and Resources for Access to Capital
- The Massachusetts Growth Capital Corporation was created by act of the Governor in 2010 to help 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. Programs include direct loans from $100,000 to $1 million and microloan assistance though technical assistance grants to local and regional economic development partners.
- The U.S. Small Business Association (SBA) supports loans and technical assistance to small businesses through local and regional economic development organizations.
- The Massachusetts Banking Partners Small Business Loan Program is a small business loan program designed to improve access to financing by very small businesses that are receiving one-on-one assistance and training from small business assistance providers, especially where the businesses are located in low- or moderate-income census tracts and/or require small loan sizes.
- The Federal Home Loan Bank of Boston’s Community Development Advances (CDA) support a variety of economic development and mixed use initiatives including loans for small businesses, social-service or public-facility initiatives, and infrastructure improvements.
- The Massachusetts Capital Access Program (CAP), operated by BDC Capital Corporation, is designed to help small businesses (with less than $5 million in revenues) throughout Massachusetts obtain loans from participating banks.
- The U.S. Small Business Administration Loan Programs offer a variety of lending opportunities, including short-term microloans and loans from certified community-based partners.
- The R.E.A.L. (Relevant, Effective, Asset-Building, Loyalty-Producing) Solutions national credit union initiative is designed to foster and promote new and innovative financial services.
- Angel Healthcare Investors is a group of executives and entrepreneurs investing in life sciences and healthcare companies.
- Bay Angels Investment Group provides early-stage funding to high growth companies in southern Massachusetts.
- ACCION USA is a microfinance institution with programs specifically targeting immigrant entrepreneurs.
- Hub Angels investment group supports companies in financial services, healthcare, water treatment and biotechnology.
- Launchpad Venture Group provides start-up loans exclusively to Boston-based companies.
- Walnut Venture Associates provides start-up investment funding.
- Federal grants for small businesses advancing technology are provided through the Small Business Innovation Research Program and the Small Business Technology Transfer Program.
- The Program for Investment in Micro-Entrepreneurs works specifically with low-income entrepreneurs looking to expand their businesses.
- Beacon Angels investment group focuses on small high-growth companies.
- Boston Harbor Angels investment group specializes in companies in high-tech fields such as medical devices, business products, IT, internet and aviation.
- Boynton Angels investment group works with Worcester-area businesses.
- Common Angels investment group focuses on high-tech companies.
- Massachusetts Workforce Training Fund provides grants for training of employees working in small businesses.
Banking and Financial Literacy Information
- Basic Banking for Massachusetts is a voluntary program of partner banks across MA that works to expand access to low cost bank products and services for those with modest incomes.
- The Midas Collaborative is a statewide network of innovative community groups increasing economic stability in Massachusetts through financial education, personal savings, and access to wealth-building assets such as homes, cars, college educations, and small business.
- Mass Saves is a broad volunteer-based network of public and private stakeholders – financial educators, providers, community organizations and advocates – that work with youth and adults to improve the quality and delivery of financial education across the state.
- The Massachusetts Financial Literacy group is a listserv hosted by The Education Committee of the Boston Alliance for Economic Inclusion that serves as a clearinghouse for financial education information and related courses that seek to educate consumers and small business owners about any aspect of personal or business financial planning.
- The Internal Revenue Service provides information on how to apply for an Individual Tax Identification Number or ITIN. ITINs allow immigrants without social security numbers to pay taxes confidentially and build a credit history.
- The Corporation for Enterprise Development (CFED) provides basic information for Massachusetts consumers on Individual Development Accounts (IDAs)–matched savings accounts that allow people to save, build assets and enter the financial mainstream.
- The HarborOne Credit Union in Brockton, MA hosts a MultiCultural Banking Center to help move people into mainstream banking products.
- Banking On Our Future provides free classes to schools and communities focusing on banking, budgeting, credit, investments and savings and checking accounts.
- The National Credit Union Administration is dedicated to facilitating the availability of credit union services to all eligible consumers, especially those of modest means.
- The New Economy Project works to eliminate barriers to access to services for low-income communities by fostering democratically-structured, community-controlled initiatives such as worker cooperatives, community development credit unions, community land trusts, and mutual housing. NEP’s Immigrant Financial Justice Project works to address systemic barriers that immigrant communities face to fair banking and credit access, and devises strategies to press for change.
Local and Regional Resources
- The Massachusetts Association of Community Development Corporations (MACDC) promotes local and regional economic development initiatives of CDCs around the state, including small business development. MACDC supports members offering training, technical assistance and access to capital to small businesses and micro enterprises, including those from immigrant communities and economically disadvantaged urban and rural areas.
- Small business and microloans for local and regional businesses, including loans funded by the U.S. Small Business Administration, may be available through the Massachusetts economic development programs below. A directory of SBA Small Business Investment Company (SBIC) licensees in Massachusetts is available here. Click here for a map of the organizations below.
- Accion, Cambridge
- Center for Women and Enterprise, Boston
- Community Development Partnership, Eastham
- Community Economic Development Center of Southeastern MA, New Bedford
- Dorchester Bay EDC, Dorchester
- Entreprenurship For All, New Bedford
- Entreprenurship For All, Lowell
- Franklin County Community Development Corp, Greenfield
- Greater Holyoke Chamber of Commerce, Holyoke
- Interise, Boston
- Jamaica Plain Neighborhood Corp., Jamaica Plain
- Jewish Vocactional Service, Boston
- MA Small Business Development Centers, Berkshire Regional Office, Pittsfield
- MA Small Business Development Centers, Boston Regional Office & Minority Business Center, Boston
- MA Small Business Development Centers, Central Regional Office, Worcester
- MA Small Business Development Centers, Northeast Regional Office, Enterprise Center at Salem State, Salem
- MA Small Business Development Centers, Southeast Regional Office, Fall River
- MA Small Business Development Centers, Western Regional Office, Springfield
- Merrimack Valley Small Business Center, Lowell
- Mill Cities Community Investment, Lowell
- New Bedford Economic Development Council, New Bedford
- North Central Mass Development Corp., Fitchburg
- Nuestras Raices, Holyoke
- Quaboag Valley Community Development Corp., Ware
- Service Corps of Retired Executives MA (SCORE), Southeast MA, Rockland
- Small Business Association Events (Massachusetts, Boston District Office), Boston
- Southeastern Economic Development Corporation, Taunton
- Twin Cities Community Development Corp., Fitchburg
Regional and Ethnic/Minority Business Associations
- Directory of Chambers of Commerce in Massachusetts. Alphabetical listings by town/region from MassHome.com
- Global Business Alliance of New England. Focuses on connecting organizations in New England that promote international business and trade relations
- Haitian-American Chamber of Commerce of Greater Boston. Supports the growth of Haitian-American small businesses. Member login only.
- Hispanic-American Chamber of Commerce. Supports economic development and success of the Hispanic business community in New England. HACC hosts seminars and networking meetings, business education and assistance programs, government and industry forums, social events and charitable activities.
- Massachusetts Latino Chamber of Commerce. Provides training, technical assistance, and mentoring services for members (site includes information by town/locality).
- North Shore Latino Business Association. A nonprofit association of merchants serving Latino business owners on the North Shore.
Resources for Financial Partners and Lenders
- The FDIC offers the free Money Smart course, to help banks fulfill their obligations under the Community Reinvestment Act by training adults outside the financial mainstream how to enhance their money skills and create positive banking relationships.
- The Federal Reserve Bank of Chicago’s Center for the Study of Financial Access for Immigrants has published information on best practices, industry approaches to reaching the immigrant market and community innovations in moving immigrants into the financial mainstream.
- The 2010 Kauffman Report on entrepreneurship offers research on the importance of immigrant entrepreneurs.
- A Forbes article on the importance of investing in immigrant entrepreneurs is “The Implications of Immigrant Entrepreneurship.”
- The Small Business Association’s report on the contributions of immigrant entrepreneurs to the U.S. economy.
- New York City’s Economic Development Corporation recently sponsored a business plan competition offering $100,000 to immigrant-owned and operated small businesses.
- A popular service not yet available in Massachusetts is the community-led credit-scoring model pioneered by the Hispanic National Mortgage Association in San Diego, CA