Areas Served: City of Pittsfield
The Pittsfield Economic Revitalization Corporation (PERC) makes loans to qualifying companies making fixed asset investments in Pittsfield, Massachusetts that will result in the addition or retention of jobs for low- and moderate-income citizens and families.
Loans are made as “Companion Loans,” in conjunction with Massachusetts or Federal programs and/or private financing.
The loans are designed to provide financing to businesses unable to obtain such financing in the private market.
The source of funding for this program is the Federal Community Development Block Grant (CDBG) made available to PERC by the City of Pittsfield.
PROGRAM REQUIREMENTS: 1) Loan proceeds are to be used to finance the construction or acquisition of fixed assets and/or working capital needs in conjunction with fixed asset projects.
2) Loans cannot exceed forty percent (40%) of the applicant’s project costs for amounts up to $100,000. 3) The applicant will be required to invest a minimum of five percent (5%) of project costs from personal resources.
4) The term of the loan will not exceed the term of loans from other sources.
5) Loans from other sources shall not have closed prior to approval of the application by PERC.
6) The interest rate will be determined based on the requirements of the project and the structure of the project financing.
The rate will be fixed for the term of the loan.
7) Any person owning more than twenty percent (20%) of the applicant company, and the Chief Executive Officer of the applicant company, irresponsible of his/her ownership in the company, must personally guarantee the loan to PERC.
INELIGIBLE PROJECTS:
¢ General promotion of the community as a whole.
¢ Assistance to professional sports teams.
¢ Assistance to privately owned recreational facilities that serve a higher income clientele.
¢ Acquisition of land for which the specific proposed use has not been identified.
¢ Businesses that have unresolved non-compliance finding for previous CDBG assistance.
Contact InformationPittsfield Economic Revitalization Corporation
Address: 70 Allen Street, Room 205
City: Pittsfield
State: Massachusetts
Website:
http://www.cityofpittsfield.org/business/pittsfield_small_business_fund/index.php
Leave a Reply