Executive Office of Economic Development Finalizes Merger of Quasi-Government Economic Development Agencies

February 18, 2025

Meggie Quackenbush
margaret.m.quackenbush@mass.gov 

BOSTON - Today, the Executive Office of Economic Development (EOED) completed the merger of two quasi-public economic development agencies, MassDevelopment and the Mass Growth Capital Corporation (MGCC), to create an enhanced agency that will empower small and large businesses and mission-driven organizations with a more robust set of economic development and financing tools. 

The Mass Leads Act, the nearly $4 billion economic development bill signed by Governor Maura Healey in November 2024, includes a directive to merge the two quasi-government agencies, both of which are overseen by EOED.  That law provided that the merger would become effective after 90 days, or on February 18, 2025.

"MassDevelopment and Mass Growth Capital Corporation provide vital resources that drive economic development across the state. By merging these two agencies, we can ensure a more coordinated, cohesive approach to supporting businesses of all sizes and across a range of industries,” said Economic Development Secretary Yvonne Hao. “We are grateful to the staff at both agencies who have made this merger as seamless as possible, and we look forward to continuing our work to make our state the best place for business growth and success.” 

“MassDevelopment is pleased to merge with Mass Growth Capital Corporation and welcome its dedicated and mission-driven staff to our agency,” said MassDevelopment President and CEO Navjeet Bal. “By bringing our programs and expertise together under one organization, this merger will enhance our collective ability to help businesses small and large grow, succeed, and create jobs in Massachusetts.”  

Effective today, MGCC will become the Growth Capital Division within MassDevelopment, and all 19 employees of MGCC will become employees of MassDevelopment. All MGCC programs and products will remain available to the small businesses previously served by MGCC to ensure no interruption in services for MGCC customers and stakeholders. 

As part of the merger, MassDevelopment also welcomed new board members, three of whom were board members of MGCC. Those members include: 

• John P. Farmer, Senior Vice President & Senior Credit Officer, Eastern Bank (former MGCC board member) 
• Kimberly R. Lyle, CEO, Dorchester Bay Economic Development Corporation (former MGCC board member)
• Nicole Obi, President & CEO, Black Economic Council of Massachusetts
• Carmen Panacopoulos, Senior Business Strategy Manager, Federal Reserve Bank of Boston (former MGCC board member)
• Christina Royal, Ph.D., Owner, Infinite Unlearning, LLC and formerly President of Holyoke Community College

The MGCC website will remain active until March 31 when it will transition to the MassDevelopment website. Until that time, customers and stakeholders may continue to find information about programs and services provided by the Growth Capital Division of MassDevelopment at www.empoweringsmallbusiness.org.

MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2024, MassDevelopment financed or managed 349 projects generating investment of more than $3.5 billion in the Massachusetts economy. These projects are estimated to create or support 22,426 jobs and build or preserve 1,754 housing units. Visit www.massdevelopment.com for more information.