The Concept
Downtown New Bedford, Inc.,
(DNB, Inc.) cares about the economic future of our
city. We want it to grow and prosper. We want to see
its buildings bright and occupied, its businesses
financially sound.
This is the rationale behind the Loan
Development Pool for Downtown New Bedford. Working together, local financial institutions
and city government can now help fund viable businesses and real estate projects in Downtown New Bedford. Our goal is to attract and encourage development within the Downtown area.
The Purpose
If you are a current or prospective property owner, tenant or small business within the
Downtown area, you may be eligible to apply for financing at attractive
rates.
Tier One Loans - Up to $100,000
These loans are available at below market rates and fully adjustable over the term of the loan which cannot exceed 10 years. Arrangement for amortization and balloon payments, if applicable, will be negotiated. Any related application costs or fees are the responsibility of the applicant.
Eligible Tier One Expenditures
- Small business loans for equipment financing, inventory, working capital and/or other reasonable expenditures.
- Facade renovations or other leasehold improvements.
- Refinancing of existing debt is not an eligible expenditure!
To Apply
Please contact Downtown New Bedford, Inc.,
(508)990-2777. At your request, the loan application will be sent to three
financial institutions for review and analysis. If the request is approved by
more than one bank, you select the one you prefer and close the transaction.
Interest rates will be the same, but other terms, conditions and credit criteria
may differ from bank to bank.
Tier Two Loans - Over $100,000
These larger loans are available through the participation of one or more member banks at market rates. The terms of the loan would be negotiable and are subject to the credit criteria and underwriting guidelines of the various banks, DNB, Inc., will assist interested applicants in developing a financial package to present to all participating banks.
Eligible Tier Two Expenditures
- Real estate acquisition
- New construction
- Major renovation/rehabilitation
To Apply
Make an appointment with Downtown New Bedford, Inc., to discuss your project and your financing requirements. We will then coordinate the gathering of data that the participating financial institutions will need before making a credit decision. Free assistance is also available in finding resources to develop a financial business plan. Information on alternative loan programs is also available through DNB, Inc.
Participating Banks
With annual commitments by member banks of $6,000,000 plus, since its inception
in the early 1990s, this program has accounted for over $22,000,000 in downtown
business investment loans at below market rates.
For additional information, you may also call one of these banks and ask for the
small business lender.
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