EDA Loan Program

Partnership between the EDIC and the US Department of Commerce, Economic Development Administration, this loan program is targeted towards the more mature, established companies in the City of Lynn. Over $25 million in private capital leveraged since the program's inception in the early 1980's.

Eligibility:

  • Business must be located within the City of Lynn
  • Must be a US Citizen or legal alien
  • Have the ability to create or retain jobs (preference given to growing and expanding companies
  • Demonstrate ability to repay loan through a business plan
  • Be a profitable business or have the ability to show profit in a new business
  • Collateral based loans (personal guarantee, business assets, real estate)

Loan Amount:

  • 20-30% of project costs up to $350,000

Uses of funds:

  • Working capital
  • Leasehold improvements
  • Machinery and equipment
  • Real Estate

Micro Loan Program

This program is funded through monies borrowed from the US Small Business Administration. Over 45 loans have been made since the inception of the program. Under EDIC/Lynn regulations, the loan interest rate is fixed at 4%. The program is targeted to entrepreneurs and other small start-up companies. Technical assistance is available through SCORE and the staff of EDIC.

Eligibility:

  • Business must be located within the City of Lynn
  • Preference given to the downtown area and start-up businesses
  • Must be a US Citizen or legal alien
  • Demonstrate ability to repay loan
  • Have a business plan (SCORE can assist with plan development)
  • Income taxes must be current
  • Reasonable credit history
  • Ability to provide some form of collateral (personal guarantee, business assets, real estate)

Loan Amount:

  • Maximum project cannot exceed $105,000
  • Maximum micro loan amount is $50,000

Use of Funds:

  • Working Capital
  • Leasehold Improvements
  • Machinery or Equipment

Lynn Municipal Finance Corporation Loan Program

Program funding is provided through the City's Block Grant Program; serving small businesses in the Lynn community since 1979. Financing is offered at a 4% 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 us today to discuss your business!