Areas Served: City of Lynn, Massachusetts
The Lynn Municipal Finance Corporation Loan Program is provided through the City’s Block Grant Program; serving small businesses in the Lynn, Massachusetts community since 1979. Financing is offered at a 4.5% fixed interest rate over the term of the loan, preference is given to those businesses located geographically in the lower-third of the City.
Business Plans can be presented to the Board of Directors on the first Tuesday of every month.
Eligibility: – Business must be located within the City of Lynn – Ability to create employment for low-moderate income residents – Can be an existing or start-up business – Must be a US Citizen or legal alien – Demonstrate ability to repay loan – Must be a profitable business or have the ability to show – profit in a new business – Income taxes must be current – Reasonable credit history – Ability to provide some form of collateral (personal guarantee, business assets, real estate) Loan Amount: – $5,000 and above -$25,000 and above for larger projects – Projects that have participation by conventional lenders will receive preference Use of Funds – Working Capital – Leasehold Improvements – Machinery or Equipment – Real Estate
Contact InformationEconomic Development & Industrial Corporation of Lynn, Massachusetts
Address: 3 City Square
City: Lynn
State: Massachusetts
Website:
http://www.ediclynn.org/services.shtml
Leave a Reply