Mintz Levin’s Debt Financing Guide

Public Resources for Massachusetts Entrepreneurs



Boston Local Development Corporation.png

Boston Local Development Corporation: Backstreets Boston Back-up Loan Program

Application Deadline:  Open application.

Funding Opportunity:  The Boston Local Development Corporation, or BLDC, is a private 501(c)(3) non-profit corporation governed by an independent board of trustees. The day to day operation of the program is provided by the Boston Planning & Development Agency’s Financial Services department. The BLDC works to increase employment opportunities for Boston residents by providing small business loans with a focus on commercial, industrial and service companies. The Backstreets Boston Back-up Loan Program is for Boston companies in the industrial and manufacturing sectors. These loans differ from the standard program in that loan amounts can reach upwards of $250,000.

Requirements

  • Companies must be Boston-based.
  • Companies must use the loan to:
    • Support the working capital needs of a growing small business;
    • Assist in the purchase of a new business property;
    • Fund construction of leasehold improvements;
    • Purchase new equipment and machinery;
    • Construct an addition to an existing plant; or
    • Provide for expanded inventories.

Industry Specific: Companies must be in the industrial and/or manufacturing sectors.


Boston Local Development Corporation.png

Boston Local Development Corporation: Standard BLDC Loan Fund

Application Deadline:  Open application.

Funding Opportunity:  The Boston Local Development Corporation, or BLDC, is a private 501(c)(3) non-profit corporation governed by an independent board of trustees. The day to day operation of the program is provided by the Boston Planning & Development Agency’s Financial Services department. The BLDC works to increase employment opportunities for Boston residents by providing small business loans with a focus on commercial, industrial and service companies. In the last twenty years, the BLDC has provided over $16 million in small business loans. These loans have successfully leveraged over $90 million through collaborations with Boston’s banking community. The loan funds have helped to create or retain over 3,000 Boston jobs. The Standard BLDC Loan Fund is available for existing businesses, new ventures, and businesses relocating to the City of Boston. These loans range from $25,000 to $150,000.

Requirements

  • Companies must be located or relocating to the City of Boston.
  • Companies must use the loan to:
    • Support the working capital needs of a growing small business;
    • Assist in the purchase of a new business property;
    • Fund construction of leasehold improvements;
    • Purchase new equipment and machinery;
    • Construct an addition to an existing plant; or
    • Provide for expanded inventories.

Industry Specific:  No.


mgcc-logo_0.png

Massachusetts Growth Capital Corporation

Application Deadline: Open application.

Funding Opportunity: The Massachusetts Growth Capital Corporation (MGCC) believes that small businesses are instrumental in the economic vitality of Massachusetts. They specialize in lending solutions for your community’s existing small businesses to stay on track. Providing individualized service to each client, MGCC’s expert lending team seeks creative solutions by understanding a business beyond its financials. MGCC provides loan amounts from $5,000 to $1,000,000, lends directly to companies and will cooperate with other funding providers, accompanies financing with managerial guidance, and lends to most industries.  MGCC offers term loans, lines of credit, and contract financing.

Requirements

  • Must be a small business, woman or minority owned business, or sponsoring community development effort that is able to demonstrate potential but has been unable to obtain necessary financing through traditional sources; and
  • Must be headquartered in Massachusetts.

Industry Specific: Exclusions include real estate, start ups, and illegal businesses.


MassDevelopment.jpg

MassDevelopment Emerging Technology Fund

Application Deadline: Open application.

Funding Opportunity: The Emerging Technology Fund (ETF) is designed to help growing companies find the capital they need. MassDevelopment works with companies located in or relocating to Massachusetts that have strong management teams, demonstrated technical developments, shown market demand for their products, and proven financial records. The ETF makes loans of up to $2,500,000 to technology companies for acquisition, expansion, working capital, or equipment purchases.  Combined with MassDevelopment’s other offerings, the ETF can help you deliver the products essential for a thriving economy.  MassDevelopment partners with banks to provide a wealth of financing solutions. We also provide extensive real estate expertise and offer programs targeted to the specific needs of the defense sector, gateway cities, and manufacturing.

Requirements: 

  • Applicants must be technology companies that are considering launching or expanding manufacturing operations in Massachusetts;
  • Seek financing for the purchase, expansion, or improvement of real estate; the purchase of equipment; or working capital for growth;
  • Will receive financing from two parties other than the ETF; and
  • Can ensure these financial investment benefit the Massachusetts economy.

  

Industry Specific:  Technology companies.