In an inaugural speech Gov. Deval Patrick made some general statements about the importance of committing oneself to small businesses. He broached issues like the way things are going to get better for small businesses in Massachusetts. This includes challenges that small business face in the Commonwealth.
Sweeping reforms in regulations are being pursued. Patrick along with his other staff members is trying to address other key concerns like healthcare as well as small business loan programs. Hiring by small business is considered necessary to recover from recession. As health-care insurance is a major deterrent for small business hiring, the governor has passed legislation to cut health-care costs.
A pilot program is underway to allow small businesses join hands to buy health insurance. Changes are also being made for small businesses to get required loans. Two loan programs are underway for the creation of Massachusetts Growth Capital Corporation.
This agency has issued $3.6 million in loans to fourteen companies. The agency can also involve itself to help a company improve upon its management. A new program allows State to pay half the cost of bringing in business consultant. In recent weeks, streamlining the loan process is made mandatory for better efficiency and transparency.
Most loans start at $250,000. But programs are also being finalized to help small businesses find loans through local lenders.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to