City of Boston Backstreets

Boston Industrial Development Financing Authority (BIDFA)
BIDFA issues bonds to finance the capital needs of Boston's businesses and institutions. Bonds may be used to finance construction, capital expenses and working capital needs resulting from expansion. There are a variety of tax-exempt and taxable bonds available. Through BIDFA the City of Boston can make its tax-exempt status available to qualified borrowers. The credit of the City of Boston does not support these bond issues; the company must show the financial strength to support the bond. Due to the cost of issuance these bonds are usually over three million dollars. Contact Frank Tocci at (617)541-2691 .

Boston Local Development Corporation (BLDC)
The BLDC provides loans between $15,000 and $150,000 for businesses in, or relocating to the City of Boston. In addition, businesses that qualify as "Back Streets" businesses are eligible for the Back Streets Backup Loan Program that provides favorable financing up to $250,000. These loans can be used to buy new business property, purchase equipment, provide working capital, expand, or finance leasehold improvements for an existing site. Although the BLDC provides stand alone financing whenever possible the BLDC works with Boston's banking community to provide gap financing through subordinated debt. Contact Bill Nickerson at (617)541-2692 .

Back Streets Backup Loan Program
This program provides favorable financing up to $250,000 to eligible Back Streets businesses within the City of Boston. The Back Streets Backup Loan Program provides favorable and flexible terms and conditions on loans that vary based on the size of the loan request and the strength of the company's finances. Contact Bill Nickerson at (617)541-2692.

Economic Development Incentive Program
Under the Commonwealth's Economic Development Incentive Program the BRA and City Council can apply to the Commonwealth's ECAC's for the creation of Economic Opportunity Areas (EOA). Within EOA's certain projects may be eligible to receive a special property tax incentive from the City of Boston as well as an Investment Tax Credit and Abandoned Building Tax Deduction relief from the Commonwealth. Contact Boston Back Streets at (617) 918-4400.

HUBZONE Prequalification Program
In partnership with the Small Business Administration (SBA), Back Streets Business managers will provide prequalification assistance to designate Boston businesses as eligible participants in the SBA HUBZONE Program. Complete details on HUBZONE can be found in the Federal Assistance section of this guide. Web contact: www.sba.gov/hubzone/internet