Lawrence Andrews, CEO of Massachusetts Growth Capital Corporation Named Financial Services Champion of the Year

8,800 small businesses served; $120 million in financings
Release Date: 
Tuesday, May 1, 2018
Release Number: 
18-20
Contact: 
norman.eng@sba.gov / 617-565-8510

BOSTON – The Small Business Administration (SBA) has named Lawrence Andrews, President and CEO of Massachusetts Growth Capital Corporation (MGCC), the 2018 Financial Services Champion of the Year for Massachusetts.

Mr. Andrews earned the recognition from SBA for his advocacy work on behalf of small business interests and for leading MGCC in achieving outstanding outcomes that support job growth and economic impact throughout the Commonwealth. Since inception in 2010, MGCC has served over 8,800 small businesses, positively impacting more than 21,000 jobs with customized working capital financings totaling over $120,000,000 while accompanied with managerial assistance.

It is an honor to recognize Larry for his stewardship of programs, including the SBA microloan program, that delivers much needed resources to underserved small businesses,” said SBA Massachusetts District Director Robert Nelson. “MGCC works within these communities to help owners become bankable and fill funding gaps where promising small businesses have potential to create jobs.”

MGCC is an economic development and lending quasi-public agency of the Commonwealth that supports small business. Its mission of Empowering Small Business through financing and managerial assistance creates economic opportunities for all. MGCC provides and supports inclusive business resources to organizations across the Commonwealth. 

We want to congratulate Larry for this well-deserved honor and his commitment to Massachusetts small businesses, the backbone of our economy,” said Governor Charlie Baker. “The Baker-Polito Administration looks forward to continuing our work to support the MGCC’s Small Business Technical Assistance Grant Program to provide the Commonwealth’s small businesses with important financial and operational assistance to generate greater economic activity.”

Since Andrews’ appointment to executive leadership role in 2014, Massachusetts has created services and products that fill gaps in financing small businesses. MGCC supports the Diversity Goal Support Program, which encourages business contracts with a progressive advance rate and with technical assistance for minority and women-owned businesses, as well as administers the state-funded Small Business Technical Assistance Grant Program, which provides funding to economic development organizations service underserved communities. MGCC also was designated in 2017 as an intermediary lender for the SBA Microloan program, recognizing the need for many of our clients and partners. 

MGCC’s Small Business Technical Assistance Grant Program achievements include:

  • 8,765 jobs created or preserved for low-moderate income individuals in communities where the unemployment rate ranges from 6% to over 12%.
  • 7,039 entrepreneurs and small business owners received 5 plus hours of technical assistance and business skill building trainings.
  • 1,476 new businesses were created.  97% of those business owners in FY 2017 were represented by target population of: women and minority owned enterprises including people of color, immigrant and non-native English speaking populations, low or moderate income business owners, and businesses located in economically disadvantaged urban and rural communities, including Gateway Cities.
  • $107 million was financed to 1,175 small business owners to startup, stabilize and/or grow their business from FY 2014 - FY 2017.

 

I am so happy to have the achievements of Massachusetts Growth Capital Corporation recognized with this award and to be a member of the hardworking, professional team at MGCC committed to empowering small business and inclusive entrepreneurship in Massachusettssaid CEO Lawrence Andrews. “I value our partnership with the SBA, making business ownership a reality for so many through access to resources and support.”

Mr. Andrews in his advocacy work has been active in convening stakeholders on issues directly impacting small businesses, such as online lenders and predatory practices, access to legal services and more.  In his board service capacity, he also serves on Eastern Bank's Business Equality Initiative as an Advisory Board Member, Co-chair of the Federal Reserve Bank of Boston Working Cities: Capital and Collaboration Small Business Task Force, Advisory Board Member for Boston Community Capital Loan Fund, Advisory Board Member of the Lawrence Partnership and Board Member of Wakefield's Main Streets.

The Financial Services Champion of the Year award is presented annually to an economic development practitioner who advocates on behalf of small business interests and helps deliver significant contributions to the small business community.

Andrews will be honored at the annual SCORE Boston / SBA awards luncheon along with other 2018 Massachusetts Small Business Week winners at the Sheraton Needham Hotel on Friday, May 4th, 2018.

 

###

 

About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start and grow their businesses. It delivers services to people through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.