Areas Served: City of Lynn, Massachusetts
The Micro Loan Program is funded through monies borrowed from the US Small Business Administration for businesses in Lynn Massachusetts.
Over 45 loans have been made since the inception of the program.
Under EDIC/Lynn regulations, the loan interest rate is fixed at 4.5%.
The program is targeted to entrepreneurs and other small start-up companies.
Technical assistance is available through SCORE and the staff of EDIC.
Eligibility: – Business must be located within the City of Lynn – Preference given to the downtown area and start-up businesses – Must be a US Citizen or legal alien – Demonstrate ability to repay loan – Have a business plan (SCORE can assist with plan development) – Income taxes must be current – Reasonable credit history – Ability to provide some form of collateral (personal guarantee, business assets, real estate) Loan Amount: – Maximum project cannot exceed $105,000 – Maximum micro loan amount is $50,000 Use of Funds: – Working Capital – Leasehold Improvements – Machinery or Equipment
Contact Information
Economic Development & Industrial Corporation of Lynn, Massachusetts
Address: 3 City Square
City: Lynn
State: Massachusetts
Website:
https://www.ediclynn.org/
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