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Boston Community Based Organizations (CBO's) The Business Loan & Equity Fund The Business Loan & Equity Fund represents a partnership between Community Development Corporations (CDCs), the government, and the private sector. Urban Edge is the lead manager of The Business Fund with seven other CDCs. The Fund may be used for working capital or to purchase inventory, supplies, furniture, fixtures, machinery, equipment, or real estate. The Fund is also available to finance the acquisition of existing businesses. The Fund offers three products: (1) equity investments of $15,000 to $250,000; (2) loans of $50,000 to $250,000; and (3) loans of $15,000 to $50,000. Contact (617) 983-4803 Community Business Network (CBN)/Massachusetts Association of CDCs CBN is a collaborative of 10 Community Development Corporations (CDCs). It provides customized one-on-one technical assistance to new and emerging businesses and helps package loans for entrepreneurs. The CBN provides access to banks, public agencies, and non-profit lenders. Contact (617) 426-0303 Industrial Business Service Providers KeySpan KeySpan specializes in energy related services including the installation of heating, air conditioning or water heating systems for small businesses. In addition, KeySpan provides service and maintenance plans for your business's heating equipment. KeySpan works with manufacturers to provide innovative natural gas fired products and technologies to help increase energy efficiency and lower costs. Contact (617) 469-2300 or www.keyspanenergy.com KeySpan Energy Delivery promotes economic growth through our Economic Redevelopment Program. We created this innovative energy-efficiency program for our commercial customers located in state-designated economic development zones to help them reduce costs and improve productivity and market competitiveness. Adobe PDF Reader is required for the two items below. To get a free copy, Click here. For more information on our Economic Redevelopment Program. To print out a grant application form. To visit Keyspan's Economic Development web page
NSTAR State Office of Minority and Women Business Assistance (SOMWBA) SOMWBA's mission is to foster and support the development and growth of minority and women business enterprises. Contact (617) 727-8692 or www.state.ma.us/somwba/ Commonwealth Corporation The Commonwealth Corporation is a quasi-public organization dedicated to economic development through workforce and workplace improvement. They provide financial, management assistance to companies, and re-employment training to workers with the goal of ensuring the competitiveness of Massachusetts manufacturing companies. Contact (617) 727-8158 or www.commcorp.org Massachusetts Bio-Process Development Center he Center is an interdisciplinary research and development and education center that assists start-up biotechnology companies in making the transition from R&D to full scale manufacturing by developing procedures that can become validated CGMP compliant, manufacturing processes. The Center also acts as a test site for evaluating new process technology. Contact (978) 934-3146 Massachusetts Office of Business Development (MOBD) MOBD is the state government's one-stop shop for assisting business in creating and maintaining jobs. MOBD also works to attract new businesses by facilitating their relocation to or expansion within the state. The agency has regional offices in Boston, Springfield, Worcester, Lowell, and Dartmouth. Contact (617) 973-8600 or www.state.ma.us/mobd Community Development Finance Corporation (CDFC) CDFC is a quasi-public organization providing flexible financing for small business and real estate development projects. CDFC offers debt and equity financing, direct loans, and loan guarantees. Its primary goal is to create jobs, commercial revitalization, and business ownership in low-income communities. Contact (617)-482-9141 or www.mcdfc.com Massachusetts Technology Development Corporation (MTDC) MTDC provides venture capital financing for high-tech firms with growth potential. MTDC makes both debt and equity investments, usually in the form of a direct purchase of stock accompanied by a favorable loan term. Contact (617) 723-4920 or www.mtdc.com Massachusetts Capital Resource Company (MCRC) MCRC is a private investment partnership owned by nine Massachusetts-based life insurance companies. MCRC is a source of risk capital for Massachusetts businesses by providing unsecured loans in the form of debt and equity financing to small and medium-sized firms. Contact (617) 536-3900 or www.masscapital.com Massachusetts Business Development Corp. (MBDC) MBDC provides supplemental financing and financial services to growing companies throughout Massachusetts. Financing includez equity investments, loans, and guarantees from $50,000 to $1 million. Contact (617) 350-8877 or www.mass-business.com MassDevelopment MassDevelopment is the Commonwealth's investment bank and real estate development agency. Its financing tools include predevelopment funds, tax-exempt and taxable bonds, and a variety of loan and guarantee programs. MassDevelopment also provides real estate development services, including concentrated financing and technical support to large-scale real estate development projects. Contact (617) 451-2477 or www.massdevelopment.com Federal Assistance Loan Guarantee Program The 7(a) Loan Guaranty Program is one of SBA's primary lending programs. It provides loans to small businesses unable to secure financing on reasonable terms through normal lending channels. The program operates through private-sector lenders that provide loans, which are, in turn, guaranteed by the SBA - the Agency has no funds for direct lending or grants. Contact (617) 565-5590 LowDoc Loan Program Once a small business borrower meets the lender's requirements for credit, the lender may request a guaranty from the SBA through SBALowDoc procedures. It is quick, two-step process; the borrower completes the front of the SBA's one-page application, and the lender completes the back. The lender submits a complete application to the SBA and receives an answer within 36 hours. Contact (617) 565-5590 504 Loan Program The 504 Certified Development Company (CDC) Program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings. A Certified Development Company is a nonprofit corporation set up to contribute to the economic development of its community. Typically, a 504 project includez a loan secured with a senior lien from a private-sector lender covering up to 50 percent of the project cost, a loan secured with a junior lien from the CDC (backed by a 100 percent SBA-guaranteed debenture) covering up to 40 percent of the cost, and a contribution of at least 10 percent equity from the small business being helped. The maximum SBA debenture is $1,000,000. Contact (617) 565-5590 International Trade Loans The SBA can guarantee up to $1,250,000 for a combination of fixed-asset (facilities and equipment) financing and Export Working Capital Program (EWCP) assistance. The fixed-asset portion of the loan guaranty cannot exceed one million ($1,000,000.00) dollars and the non-fixed asset portion cannot exceed seven hundred fifty thousand ($750,000.00) dollars. Contact (617) 565-5590 HUBZone Contracting Program This program provides federal contracting and commercial subcontracting preferences for companies located in the City of Boston designated HUBZone. To participate, a company must also have 35% of its employees residing within a HUBZone. Program benefits include sole-source contract (non-competitive), competitive bid contracts, and a price evaluation preference for full and open competition. In addition, commercial businesses working on federal contracts subcontract to HUBZone firms. Contact (617) 565-5590 or www.sba.gov/hubzone/internet Service Corp of Retired Executives (SCORE) A voluntary organization comprised of retired business owners and executives who provide technical assistance for new and expanding businesses. Business owners can be paired with a SCORE representative who has expertise in that specific industry. Contact (617) 565-5590 U.S. Dept of Energy's Office of Industrial Technologies (OIT) OIT provides a broad array of products and services for industrial customers, including publications, technical assistance, cost-shared financial assistance, software tools, consultations and training. Through OIT's Industries of the Future public-private sector partnerships, OIT offers assistance in making industrial plants more energy efficient, processes more reliable, and businesses more competitive and profitable. Contact (800) 862-2086 or www.oit.gov/clearinghouse/ Local Lending Institutions |
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