Areas Served: Hampden County, city of Fall River
The Fall River Office of Economic Development (FROED) offers Fall River businesses (Hampden County, city of Fall River) low-interest financing through its all-new Business Advantage Fund (BAF).
This unique gap financing tool complements other private and public loan programs available on a local, state and federal level.
FROED works closely with banks and other lending institutions to design incentive packages that fit the needs of individual businesses.
BAF Facts – Interest rate is 70% of prime (fixed rate), with a 5% minimum – Loan term: up to 7 years – machinery/equipment – Up to 7 years – working capital – Up to 15 years – real estate – Loan may fund 50% of total project cost – Maximum loan amount is $125,000 – Origination fee is 1.5% – Collateral interest subordinated to principal lender(s) Eligibility Criteria – Fall River business (startup, relocation or expansion of existing facility) – Secured financing of 50% of total project cost (equity or private lending sources) – Creation of one new full-time job (or part-time equivalent) for each $25,000 of assistance
Contact InformationFall River Office of Economic Development
Address: One Government Center
City: Fall River
State: Massachusetts
Website:
http://froed.org/?page_id=224
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