Grant & Loan Programs

Our Grant and Lending Programs are geared to the needs of small and family-owned businesses, ensuring that everyone has access to the resources needed to successfully emerge from the pandemic stronger than ever.

The NBEDC has a portfolio of new grant and lending products to assist your business needs. Grant programs are available and tailored to new start-ups and existing businesses alike. And our lending office manages Revolving Loan Funds including an EDA Funded RLF, a Brownfield RLF, and multiple privately funded revolving loan funds.  Additionally, as an intermediary for the U.S. Small Business Administration, we are an SBA Micro-Loan lender.

FOR START-UPS

NB100!

This is a new program offered by the NBEDC to promote entrepreneurship, grow local wealth, and strengthen community bonds. Through this program, entrepreneurs will have an opportunity to apply for a $10,000 kick-starter grant after completing technical assistance programming offered by one of our partners.

 Who is Eligible?

  • Entrepreneurs who have completed partner provided technical assistance programing
  • Be a for-profit entity
  • Be based within New Bedford
  • Be in businesses for no more than 24 months
  • Grant awardees shall match a minimum of 50% of the $10,000 award in equity. Program administrators will work with awardees to determine the appropriate mechanism(s) for the match. Examples include:

    • Grantee to invest up to $5,000 cash equity into the business
    • Grantee to supply up to $5,000 inventory, equipment, etc., already purchased for business. Final value of investment to be determined by the NBEDC.
    • Grantee to provide up to $5,000 in-kind services (professional services, leasehold improvements, etc.) to business. Final value of services provided to be determined by the NBEDC.

Businesses including liquor and tobacco stores, pawn shops, adult entertainment establishments, passive 
real estate investments, or businesses that do not meet all local, state, and federal laws and restrictions
are ineligible.

How Can the Funds be Used?
The program is designed to provide working capital for entrepreneurs and new businesses to assist in their early-stage development. The eligible use of grant funds include:

  • Working capital
  • Equipment purchases
  • Build-out expenses
  • Other approved business expenses

Application Coming Soon!

FOR EXISITNG BUSINESSES

NBForward!

This is a new small business assistance program that provides resources for businesses to get through the challenges of the next phase of our pandemic recovery, while looking toward investing in, and preparing for, greater future success. We will be offering grants of up to $20,000 in conjunction with matching financing and other technical assistance (business planning, resource guidance, best practices, etc.). Grant funds shall be matched with a NBEDC loan with deferred payments for three months. The minimum loan amount is $10,000, and the maximum loan amount is $200,000.

Who is Eligible?

  • For-profit businesses that have a physical location and be registered within the City of New Bedford (evidenced by providing business tax return filings) and continue to suffer adverse effects of the COVID-19 pandemic.
  • For-profit businesses that have been in operation for two years and located in New Bedford evidenced by providing business licenses.
  • Businesses that are chains or franchises are not eligible to apply to this program.
  • Businesses including liquor and tobacco stores, pawn shops, adult entertainment establishments, passive real estate investments, or businesses that do not meet all local, state, and federal laws and restrictions are ineligible.

How Can the Funds be Used?
The NBForward! program is designed to provide working capital for existing businesses to assist in the prolonged recovery from the COVID-19 crisis and positioning for future growth post-pandemic. The eligible use of grant funds include:

  • Business lease-hold improvements, construction, renovations (with documented building- owner approval, City permit verification)
  • Business lease or mortgage payments
  • Business utility payments
  • Business monthly insurance costs
  • Business payroll
  • Business inventory expenses
  • Other approved business fixed and operating expenses

Application Coming Soon!

If you have any questions, please contact our Lending Support Team.

How to Make Your Payments
For your convenience and ease of processing, the NBEDC accepts Automated Clearing House (ACH) payments for all loan customers. We encourage you to utilize this service to ensure your payment is applied in a timely manner. If you are a current customer and not currently set up for ACH payment, please click the following link to download and complete the NBEDC ACH Payment Sign Up Request. Please email all completed requests to Lending@NBEDC.org.

For those unable to make ACH payments, the NBEDC will continue to accept payments by mail. Please continue to mail in your regularly scheduled payment to:

New Bedford Economic Development Council, Inc.
1213 Purchase Street
New Bedford, MA 02740

The NBEDC Lending Program is administered by the lending staff and is overseen by a nine-member Loan Committee and the NBEDC Board of Directors. Each application is subject to a review and a clearly defined approval process by the Loan Committee, which is structured to allow for the timely processing of complete and qualified applications. The NBEDC does not and shall not discriminate on the basis of race, color, religion (creed), gender, gender expression, age, national origin (ancestry), disability, marital status, sexual orientation, or military status, in any of its activities or operations.

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