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          Women's Network
          A Fireside Chat with Dr. Melissa Gilliam, Boston University

          This Women's Network event will offer an insightful conversation with Dr. Melissa Gilliam, the 11th President of Boston University and both the first woman and the first Black woman to lead the institution since its founding in 1869.

          06/18/2025

          11:30am - 1:00pm

          Fairmont Copley Plaza

          arrow-go
          Read More
        • ...
          Special Event
          Talent and Competitiveness in 2025: Finding Opportunity in Uncertain Times

          Join the Chamber and Massachusetts Business Roundtable for a deep dive into employer insights, featuring analysis from McKinsey and a panel of experts.

          06/26/2025

          11:00am - 12:00pm

          Virtual

          arrow-go
          Read More
        • ...
          Pacesetters
          Doing Business with Mass General Brigham

          Join us for our installment of the Pacesetters Doing Business series featuring Mass General Brigham on June 26, 2025.

          06/26/2025

          1:00pm - 2:00pm

          Virtual

          arrow-go
          Read More
  • Learning & Development
        • Learning & Development

          • Overview
          • Call for Nominations
          • Insights
        • Transformational DEI Certificate

          This program is in redevelopment. Click this page for DEI resources.

          Read More
          Women’s Leadership Program

          Our Women’s Leadership Program enables you to take your leadership to the next level by arming you with the most in-demand leadership toolkit.

          Read More
          Boston’s Future Leaders

          Our Boston’s Future Leaders (BFL) program provides emerging leaders with a socially conscious and civically engaged leadership toolkit, as well as the opportunity to apply their knowledge through experiential assignments.

          Read More
          Authentic Professionalism for Early Career Professionals

          Join us on June 12 for a highly interactive virtual workshop with Strategic Career & Leadership Coach Carole-Ann Penney.

          Read More
  • Economic Inclusion
        • Economic Inclusion

          • Overview
          • Pacesetters
          • Resources
        • ...
          Economic Inclusion
          City Awake

          City Awake empowers young professionals in a variety of ways that encourages these rising leaders to stay invested in the region’s future success.

          arrow-go
          Read More
        • ...
          Economic Inclusion
          Pacesetters

          We are developing an ecosystem of corporations and partners with the influence and buying power to transform economic inclusion for minority business enterprises (MBEs).

          arrow-go
          Read More
        • ...
          Small Business
          Small Business

          Small businesses are the backbone of the Boston economy. Learn more about the resources available through the Chamber.

          arrow-go
          Read More
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          Read More
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          Read More
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          Read More
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          Read More
          Transportation
          Read More
  • Our Networks
        • GBCC’s Networks

          • Overview
        • OUR NETWORKS

          Small Business

          Small businesses are the backbone of the Boston economy. Learn more about the resources available through the Chamber.

          Read More
          City Awake

          City Awake empowers young professionals in a variety of ways that encourages these rising leaders to stay invested in the region’s future success.

          Read More
          BIMA

          BIMA (the Boston Interactive Media Association) serves a vibrant community of like-minded professionals from agencies, brands, publishers, and ad-tech companies with business interests in the New England market.

          Read More
          Women’s Network

          For over 30 years, the Chamber’s Women’s Network has connected female professionals of all background and career levels. Today, our Women’s Network is the largest in New England, strengthening the professional networks of women each year.

          Read More
          Massachusetts Apprentice Network

          The Massachusetts Apprentice Network convenes employers, training providers, and talent sources interested in developing and implementing apprenticeship programs in occupations across industries and statewide in fields such as tech, advanced manufacturing, healthcare, financial services, and more.

          Read More
          Pacesetters

          We are developing an ecosystem of corporations and partners with the influence and buying power to transform economic inclusion for minority business enterprises (MBEs).

          Read More
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Accessing Capital for Your Business

Charles Zanazzi, Regional Vice President Professional Services

Access to capital is often the backbone for business growth, more critical for businesses today as interest rates rise, the supply chain wobbles, and international events unbalance world politics. Charlie Zanazzi who heads up HarborOne’s Boston lending team, shares several tips and insights to help ease your journey to raising capital in your business.

Breaking down the difference

Certain types of capital will be more appropriate depending on your industry or stage of business, and it’s ok to have multiple sources. So it’s useful to clarify the difference between debt capital and equity capital.

Debt Capital

The most common form of raising capital is Debt Capital, or money you’ve borrowed, usually from financial institutions like banks and credit unions (or sometimes friends and colleagues). It could be short-term funding like an overdraft, a line of credit or a longer-term loan for buying new equipment, or commercial real estate. Loans are usually guaranteed by security (often your house or business assets), though there are many variations such as SBA guaranteed loans.

Benefits:

  • Any interest paid on a loan is tax deductible.
  • Borrowing money maintains the ownership structure of the business, which includes who shares the profit.
  • It’s fast.

Constraints:

  • Debt incurs interest and the principal needs to be paid back.
  • If you are unable to repay the loan, the security will be called on.
  • If you have more debt than owner’s equity, your creditworthiness could drop and borrowing costs increase.

Often, it’s easier and less complicated to use debt capital especially at the start of a business. An existing business with a significant amount of fixed investment (for example, buildings and equipment) is best suited for early debt, as many banks will lend against hard collateral over longer periods of time (20 to 30 years). Early stage companies should keep fixed costs as low as possible to conserve cash flow.

Equity Capital

Opposite to debt, equity capital is where you raise cash in exchange for selling part of your business, giving up some of the ‘equity’ or ownership. Selling part of your business could be to investors you know from your network via word of mouth, or from formal networks such as angel funds and venture capitalists.

Benefits:

  • Usually (not always) equity financing doesn’t need to be paid back or incur interest.
  • Investors can bring valuable expertise, access to markets, channels and advice.
  • Equity financing can increase a company’s credibility and attractiveness to other investors, lenders, and business partners.
  • Equity capital is friendlier to your balance sheet as it’s not a loan. Therefore, the overall financial strength of your business is better (in case you need to raise debt capital later).
  • If your plan to use the capital is delayed, there’s no repayment based on a loan date.

Constraints:

  • Selling equity means you no longer own 100% of your business.
  • Once other people are financially involved, they may want the business to go in another direction, causing disagreements.
  • It can take time. Agreeing on terms can be difficult.
  • The valuation of a business is always a best guess.

Equity can be a lower risk strategy initially, but you’re selling a portion of your future potential. It’s often more viable if the company is assessed on an idea, intangible value, or expects high growth and high pay-off, all which attract equity providers.

Alternatives

Other increasingly popular ways to raise capital especially for micro businesses includes crowdfunding and peer to peer lending, where other business owners contribute cash to your business.

There are also corporate and business capital opportunities, where a customer, competitor or supplier either buys a stake in your business or provides finance to help you grow.

Government and State funding may also be available. Find your local Massachusetts Small Business Development Center here for help identifying what you may be eligible for, and review the Massachusetts State site for small business programs and grants.

Don’t forget your own professional network of accountant, financial adviser, or attorney who may have access to local networks.

Preparing your business

Regardless of where you get capital from, do your homework on what the provider will require in advance. The more prepared you are the better. For example:

  • Get your processes and systems running smoothly and monitor key performance indicators. Look for ways to work smarter.
  • Review your business plan and make sure it’s well presented. Define your goals, how you’re going to achieve them, why you need capital, and how much you need.
  • Show you’re unique by showcasing your competitive advantage and point of difference.
  • Make sure you have the right partners and invest in their ability to help you grow such as legal, accounting, insurance, and banking.

Don’t be too quick to accept the first offer of money for equity. Make sure you’ve completed your own due diligence on potential investors, so you can decide which will work best with you and your business.

Reduce the capital needed

Potentially you could find some of the cash internally, which reduces the amount of capital you need. For example, selling equipment you don’t use often (and leasing it when you do). Other tactics include:

  • Cutting down on expenses and driving sales to release cash flow.
  • Converting working capital to cash by reducing any inventory or raw materials you’re holding unnecessarily.
  • Pre-selling—customers pay you for goods or services now and you deliver later.
  • Collaborating with strategic partners to save costs on marketing or product/service development.

You’ll be surprised at how much all these savings add up, generating more cash to reinvest in business growth.

Do your research

Whichever provider you choose, check that they’re offering a wider perspective than just access to cash. If you can, write up a Request For Proposal (RFP) for them to complete, to be confident they know your business, have asked the right questions, and will provide a level of insight and expertise that you don’t have yourself. Money is usually easier to access than great advice.

If you’re talking to your banker, check their experience and how they partner with the wider bank or branch network to make your everyday banking easier. Ideally the bank provides a holistic approach to being in the community, such as providing education and specialty programs, serving the not-for-profit sector, SBA lending, and even micro loans for the very small business needing up to $5,000 to get up and running.

Final advice

I’d suggest using a team-based approach to find a solution that fits your business, rather than rely on one or two people. Bring in your lawyer, accountant, financial adviser, and business colleagues to vet your ideas. From a bank point of view, make sure your banker listens and understands your goals and expectations to access the help and advice you need. Your banker should also tell the story of their bank—sell you on them. You need a bank that’s willing to develop a relationship, not just make transactions.

For more free business help and tools, visit HarborOne’s Small Business Hub, packed with articles, videos, templates, calculators, checklists, and case studies.

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