Lending and Grant Programs
Our Lending Programs are geared to the needs of small and family-owned businesses in every neighborhood of New Bedford, ensuring that everyone has access to the resources necessary when they are ready to take the next step.
The NBEDC has a portfolio of lending products to assist your business needs. 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 and Existing Businesses
SBA Microloan Program
The Small Business Administration provides funds to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. The NBEDC is one of these qualified intermediaries that administers the SBA Microloan program for eligible borrowers in New Bedford.
| Amount: | Who Is eligible: | Use of Funds: |
|---|---|---|
| $5,000 - $50,000 | Small Businesses and Entrepreneurs | Working Capital, Equipment, Inventory, Supplies, Furniture, Fixtures, Machinery |
Proceeds from an SBA microloan cannot be used to pay existing debts or to purchase real estate.
NBEDC Commercial Business Loan
This funding is available to small businesses across the city that are creating and retaining jobs. One LMI job must be created or retained for every $35,000 borrowed.
| Amount: | Who Is eligible: | Use of Funds: |
|---|---|---|
| $50,000-$200,000 | Small Businesses in operation two years or more. | Working Capital, Equipment, Inventory, Supplies, Furniture, Fixtures, Machinery, Leasehold improvements |
For Real Estate Development
NBEDC Development Gap Financing
The NBEDC provides gap funding to New Bedford small businesses acquiring or developing owner occupied properties. These loans are made in conjunction with a primary lending institution providing a first mortgage.
| Amount: | Who Is eligible: | Use of Funds: |
|---|---|---|
| $25,000 – $150,000 | Small Businesses working with a primary bank lender developing owner occupied real estate. | Gap financing for acquisition, development, or renovation of owner occupied (primary operating company) real estate. |
Brownfield Revolving Loan Fund
This is a program that is offered by the City of New Bedford with the lending component administered by the NBEDC. The Brownfield Revolving Loan Fund provides below market rate loans to facilitate clean-up of contaminated properties (brownfields) in the City of New Bedford.
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.
For Real Estate Development
Brownfield Revolving Loan Fund
This is a new program that is offered by the City of New Bedford with the lending component administered by the NBEDC. The Brownfield Revolving Loan Fund provides below market rate loans to facilitate clean-up of contaminated properties (brownfields) in the City of New Bedford.
FOR START-UPS AND EXISTING BUSINESSES
NB100!
This is a grant 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 kick-starter grant up to $10,000.
What Are the Requirements?
- Be a for-profit entity
- Be based within New Bedford and have a valid New Bedford Business Certificate
- Be in business for no more than 24 months
Grant awardees shall match a minimum of 50% of the $10,000 maximum grant award in equity. To receive the full $10,000 grant, the total eligible start-up costs need to be at least $15,000. The 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 NB100! program is designed to provide working capital for the start-up costs of Impacted Businesses to prevent, prepare or respond to the impacts of COVID-19 public health emergency. The eligible uses of Grant Award Funds are:
- Business lease or mortgage payments
- Business utility payments
- Business monthly insurance costs
- Business payroll
- Business inventory expenses
- Reimburse business expenses incurred after March 3, 2021
- Improvements designed to limit the spread of COVID-19
- Other approved business fixed and operating expenses
Grant funding for Disproportionately Impacted Businesses may be used for the same expenses as Impacted Business, as well as the following:
- Business lease-hold improvements, construction, renovations
- Acquisition of new equipment/property
- Construction/repair of existing property
- Working capital for other operating expenses
Questions?
For questions about the program or application, please contact Marianella Perry at mperry@nbedc.org.
Apply HERE
This program is supported in part by federal award number SLFRP1067 awarded to The City of New Bedford by the U.S. Department of the Treasury, and by the U.S Small Business Administration (SBA) via the Community Navigator Program to support COVID-19 small business recovery.
FOR EXISTING BUSINESSES
NBForward!
This is a 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 (must have been in business by January 1, 2020).
- 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 also ineligible.
How Can the Funds be Used?
The NBForward! program is designed to provide working capital for Impacted Businesses to prevent, prepare or respond to the impacts of COVID-19 public health emergency. The eligible uses of Grant Award Funds are:
- Business lease or mortgage payments
- Business utility payments
- Business monthly insurance costs
- Business payroll
- Business inventory expenses
- Reimburse business expenses incurred after March 3, 2021
- Improvements designed to limit the spread of COVID-19
- Other approved business fixed and operating expenses
Grant funding for Disproportionately Impacted Businesses may be used for the same expenses as Impacted Business, as well as the following:
- Business lease-hold improvements, construction, renovations
- Acquisition of new equipment/property
- Construction/repair of existing property
- Working capital for other operating expenses
Apply HERE
This program is supported in part by federal award number SLFRP1067 awarded to The City of New Bedford by the U.S. Department of the Treasury, and by the U.S Small Business Administration (SBA) via the Community Navigator Program to support COVID-19 small business recovery.