Areas Served: New Bedford Massachussets
The EDA Revolving Loan program was established with a grant from the U.S. Economic Development Administration and was established to aid in the creation and retention of jobs, primarily for low to moderate income individuals within New Bedford, Massachussets.
Funding under this program is intended to be made available to qualified borrowers in conjunction with other private sources of funding.
This program and these funds are strictly intended a act as gap financing only.
It is the New Bedford Economic Development Council, Inc.’s (NBEDC) position to assist businesses by leveraging private and other public funding already committed to the project.
HOW IT WORKS: Under the EDA RLF Program, NBEDC will provide loans and gap financing which can be used as the down payment on a larger project.
NBEDC’s portion of the project is generally 50% or less, although in instances where there is a financing gap NBEDC’s percentage and dollars may be larger.
INTEREST RATE: Interest rates will be determined by the loan committee and will be based on the Prime Rate FEES: NBEDC charges a $275 application fee upon application submittal (non-refundable).
NBEDC generally charges a 1% administration fee at the closing (non-refundable).
ELIGIBLE BUSINESSES: – Manufacturing – Retail – Wholesale – Service – Other Commercial/Industrial ELIGIBLE PROJECTS: Loan funds will be used for acquisition of land and buildings; equipment, machinery, furnishings and other fixed assets; and working capital needs.
JOB REQUIREMENTS: NBEDC requires that a business must demonstrate that it can create a minimum of one job or will retain a minimum of one job for each $35,000 of NBEDC investment in the first two years of the loan.
Contact InformationNew Bedford Economic Development Council, Inc
Address: 1213 Purchase St
City: New Bedford
State: Massachusetts
Website:
http://nbedc.org/services/loan-program/
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