Financing Resources: Business Development & Expansion

Several local and statewide organizations partner with local banks to provide financing for business development and expansion. Programs are available for businesses of all sizes, micro-enterprises to large manufacturers. The Mayor's Office of Economic Development can help target the resources most appropriate to your business.

Western Massachusetts Enterprise Fund, Inc.

The Western Massachusetts Enterprise Fund, Inc. is a nonprofit community loan fund that provides financing and technical assistance for businesses and nonprofits that may not qualify for traditional funding. Loans range from $1000 to $150,000 and can be combined with other financing on larger projects.

Western Massachusetts Enterprise Fund
4 Open Square Way, Suite 407
Holyoke, MA 01040
Tel: 413-420-0183

Northampton Business Assistance Loan Program

Small business loan program to provide gap financing resulting in retention or creation of job opportunities for low and moderate income people in Northampton. Small loans, low interest. (These loans are currently unavailable.)

Michael T. Owens,
Community Development Administrator
Office of Planning & Development
413-587-1254
mowens@northamptonma.gov
Loan Program Application & Fact Sheet

MassDevelopment

MassDevelopment is a quasi-public state agency offering financing solutions to businesses, real estate developers, and non-profits. Financing programs include:

Massachusetts Business Development Corporation

MassBusiness (affiliate of The Business Development Corporation of New England) provides financing and investment capital for growing companies in Massachusetts and partners with local banks to assemble financing packages beyond the scope of conventional financing. Financing programs include:

The Property and Casualty Initiative

In 1999, as the result of state legislation, thirteen Massachusetts-based property and casualty insurance companies established the Property and Casualty Initiative, LLC (PCI) as a state wide community loan fund. PCI's economic development mission is to promote development in economic target areas and to create employment opportunities through direct loans to small and mid-sized businesses and non-profits. PCI provides flexible business loans for working capital, acquisition or renovation of real estate, business acquisition, and purchase of equipment.

Paula Alves Zaiken
Vice President of Business Lending
PCI Fund
617-723-7878

Women Business Owners Alliance

The Women Business Owners Alliance of the Pioneer Valley sponsors the Cheryl Reed Memorial Loan Fund. The fund provides small start-up and development loans to women owned businesses in the Pioneer Valley that are members of WBOA.

Women Business Owners Alliance of the Pioneer Valley
P.O. Box 340
Ludlow, MA 01056
413-827-4182

Massachusetts Community Development Finance Corporation

MCDFC is a quasi-public investment corporation providing financing for small businesses, real estate projects, and community development programs throughout the Commonwealth’s low and moderate income communities to preserve and create jobs. Northampton is an eligible community. Funds include:

Massachusetts Economic Stabilization Trust

The Trust lends working capital to small and medium sized, value-added businesses in the Commonwealth of Massachusetts. By providing loans where traditional financing is not available or where credit is no longer extended, companies are able to implement restructuring plans to create a stable financial future for the company and its employees. The Trust's experienced staff also works hand-in-hand with management to assist in the turn-around of businesses.

Rich Alley, Western MA Loan Officer
413-884-1048

Massachusetts State Treasurer

Economically Targeted Investment Program

The Massachusetts Treasurer is partnering with several commercial lenders in the Commonwealth using State pension fund investments to provide commercial loans to small and medium businesses with flexible terms and favorable rates to encourage job creation and economic development. For more information and referral contact:

Mayor's Office of Economic Development
413-587-1249
tanderson@northamptonma.gov

Nonprofit Finance Fund

The New England Office of NFF provides advisory and financial services to nonprofits of all types in Massachusetts. Services include: nonprofit business analysis, planning for managing assets, workshops and planning guides on facility and financial planning. NFF also offers facilities loans.

Nonprofit Finance Fund
89 South Street
Suite 402
Boston, MA 02111
phone: 617.204.9772
fax: 617.204.9773

Farm Viability Enhancement Program

The Farm Viability Enhancement Program is designed to assist farmers in improving the economic bottom line and environmental integrity of their operations through the development and implementation of business plans tailored to their situations.

The program has three phases: In Phase I, a farmer will work with a planning team to develop a plan to increase on- farm income and preserve the farm’s environmental resources. In Phase II, awards of $20,000 up to $60,000 may be available to a farmer to implement his or her plan in exchange for completing selected elements of the plan and agreeing to restrict the use of the farm to agricultural uses only by signing a five or ten year Agricultural Covenant. Phase III is a reporting phase after completion of the changes recommended in the plan.

Contact Information:

Craig Richov, Coordinator
Farm Viability Enhancement Program
Massachusetts Dept. of Agricultural Resources
251 Causeway Street, Suite 500
Boston, MA 02114
617-626-1725
Craig.Richov@state.ma.us