A new program aims to provide access to capital for minority- and women-owned subcontractors on construction jobs financed through MassHousing.

Companies that apply for funds and are approved from MassHousing’s new Construction Contract Financing Program (CCFP) can borrow from $25,000 to $200,000. The funding can be used to advance material and labor costs to help them obtain work on housing construction projects.

MassHousing has provided $1 million for the pilot program and has partnered with the Massachusetts Growth Capital Corp. (MGCC), which will process applications and administer the program.

“Many times, these firms have to wait up to 60 days on the job site before they receive their first payment from the general contractor, but these loans will help them meet their operating costs until then,” MassHousing Executive Director Tim Sullivan said in a statement.

Design Construction and Consulting Services Inc. of Dorchester has received $200,000 from the program, and are working on the renovation of Madison Park Village III, a 120-unit affordable housing community in Roxbury owned by the Madison Park Development Corp. MassHousing is providing $35 million in financing for the renovations at Madison Park. The property’s general contractor, LD Russo Inc., has subcontracted 42 percent of the construction work to minority- and women-owned firms.

For more information, visit MassHousing’s website.