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vonne Hao, Secretary of the Executive Office of Economic Development (EOED), announced the completion of a merger between MassDevelopment and the Mass Growth Capital Corporation (MGCC). This new entity will provide enhanced economic development and financing tools to businesses and mission-driven organizations. The merger was mandated by the Mass Leads Act, a nearly $4 billion economic development bill signed into law in November 2024.
The merged agency will offer a more coordinated approach to supporting businesses of all sizes and industries. Secretary Hao expressed gratitude to the staff at both agencies for their efforts in making the transition seamless. Navjeet Bal, President and CEO of MassDevelopment, welcomed the MGCC team and emphasized that the merger will enhance their collective ability to help businesses grow and succeed.
Effective immediately, MGCC has become the Growth Capital Division within MassDevelopment, with all 19 employees transitioning to MassDevelopment roles. The MGCC website will remain active until March 31, after which it will transition to the MassDevelopment website. New board members have been appointed, including former MGCC board members and industry experts.
MassDevelopment, now a more robust agency, works with businesses, nonprofits, banks, and communities to stimulate economic growth across Massachusetts. In FY2024, they financed or managed 349 projects generating over $3.5 billion in investment, creating or supporting 22,426 jobs and building or preserving 1,754 housing units.
