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Massachusetts Small Business Growth Fund

Massachusetts Small Business Growth Fund

Entrepreneurs of color in Massachusetts have an unmet capital demand estimated at $574 million annually.  

LISC's entrepreneur-friendly Massachusetts Small Business Growth Fund is critically needed to fill gaps in capital access.
LISC Local Initiatives Support Corporation


The Massachusetts Small Business Growth Fund supports the expansion and resiliency of businesses owned by entrepreneurs of color through patient equity-like investments designed to feel like friends and family capital.

What does the fund provide?

The Massachusetts Small Business Growth Fund provides growth capital to small businesses. Growth Capital is an innovative financing product that gives business owners the time they need to invest in and stabilize their companies. Unlike loan products, growth capital does not have fixed repayment terms; instead it's designed as a long-term investment where businesses repay only when they are successful in growing their revenue.
The Massachusetts Small Business Growth Fund aims to:
  • Build wealth for businesses owned by entrepreneurs of color 
  • Create and retain sustainable jobs
  • Build a track record of success for small businesses owners to attract future investment dollars
  • Offer flexible re-payment terms based on revenue and mutually agreed-upon targets

How do we invest?

LISC makes growth capital investments in your company ranging from $50,000 to a maximum of $250,000 with flexible repayment terms.
Small businesses may use these funds to support growth and expansion plans such as: 
  • Plans to expand into new geographies
  • Plans to diversify into new product lines, business lines, or business strategies 
  • Plans to enter complementary industries with high barriers to entry, better profit margins, and higher start-up costs 

Who is Eligible?

The Massachusetts Small Business Growth Fund focuses on small businesses that are:  
  • Businesses owned by entrepreneurs of color including Black, LatinX, Indigenous persons, or members of other historically under-resourced groups
  • Earning annual revenues above $250,000 and below $3,000,000   
  • In operation for at least two years, with an ability to deploy capital toward business improvement and growth   
  • Based in Massachusetts
  • Located in an economically disadvantaged community 
* Sole proprietors and non-profit organizations are ineligible for this particular program.  Be sure to check LISC’s COVID-19 Resource Page:  for the latest resources available to nonprofit organizations and individuals.   

Interested in Learning More?

“Apart from just being the right thing to do, ensuring that all entrepreneurs have equitable access to capital to support their businesses also helps to propel broader economic growth, generate new jobs and drive innovation statewide.”

The Color of the Capital Gap, Increasing Capital Access for

Entrepreneurs of Color in Massachusetts - 

A report from Boston Indicators and the Boston Foundation in partnership with

the Coalition for an Equitable Economy (May 2021)

Supported by:

BayCoast Bank
Boston Children's Hospital
Dana Farber Cancer Institute
LISC Local Initiatives Support Corporation
Massachusetts Small Business Growth Fund

The investment pools sponsored by LISC are available only to eligible investors, are offered only pursuant to their official offering documents, and are managed by LISC Fund Management, which is a wholly-owned subsidiary of LISC.  LISC Fund Management is an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”).  Registration of an investment adviser with the SEC does not imply any level of skill or training. Please visit the SEC’s website at to see LISC Fund Management’s Form ADV, which contains important disclosures, including further disclosures about material conflicts of interest, risks, and limitations associated with LISC Fund Management.

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