Areas Served: Town of Barnstable
The Town of Barnstable, Massachusetts partnered with Coastal Community Capital to establish and administer a business Micro-Enterprise Loan Program funded by the U.S. Department of Housing and Urban Development Community Development Block Grant program (CDBG).
The general guidelines and contact information are listed below: 1. Eligible applicants: defined as micro-enterprise a business; that is a business that has five (5) or fewer employees, one or more of whom owns the enterprise.
Owners of such business must be income eligible to qualify.
Please click here to see the current Income Limits.
2. Location: The micro-enterprise must be located within the boundaries of the Town of Barnstable.
The Town includes the seven villages: Barnstable, Centerville, Cotuit, Hyannis, Marstons Mills, Osterville, and West Barnstable.
3. Loan Amounts: A job must be created or retained for each $35,000 borrowed.
For amounts less than $35,000 one job must be created or retained.
4. Eligible Activities – under the program, eligible activities are defined as the provision of credit to micro-enterprise businesses (or micro-enterprise start-ups) by way of loans and loan guarantees for establishment, stabilization and/or expansion.
Most bona-fide costs associated with starting and operating a business are eligible for funding, except for purchase of land, major rehabilitation of structures, demolition of structures, new construction, purchase of vehicles and all activities which may cause displacement of residents and/or businesses.
Some restrictions apply.
5. Interest Rate: The interest rate charged to borrowers is WSJ Prime Rate.
6. HUD National Objective: Successful applicants are required to meet the HUD National Objective defined under the low-moderate job requirements (i.e. create/retain one full-time equivalent job for every $35,000 of loan fund received).
Contact InformationTown of Barnstable, Massachusetts
Address: 5 Shoot Flying Hill Road
City: Centerville
State: Massachusetts
Website:
http://town.barnstable.ma.us/CDBG/smallbusinessloans.asp
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