LOANS-TEMP
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 kick-starter grant up to $10,000 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 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
For those looking to participate in the NB100! program, specific technical assistance providing partners include EforAll South Coast, Groundwork, Co-Creative Center/New Bedford Creative, New Bedford Ocean Cluster, University of Massachusetts Dartmouth, Bristol Community College, and Junior Achievement of Southern MA.
Questions?
For questions about the program or application, please contact NB100@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 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 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.
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. The purpose of this program is to assist in the revitalization of these properties to promote jobs and a cleaner environment for the communities in the city. Loan amounts vary depending upon the extent of remediation required.
Who is Eligible?
- For profit property owners or developers
- Non-profit property owners or developers (subgrants are also available)
- All applicants, sites and activities funded, must comply with the eligibility requirements of the Environmental Protection Agency
- Site must have been determined to have an actual release or substantial threat of release of a hazardous substance that was not caused by the applicant and for which the applicant is not liable
- Phase I and II Site Assessments must be completed according to the requirements of the Mass Dept. of Environmental Protection and provide the location of hazardous materials
- Funds may not be used to clean-up properties predominantly contaminated by petroleum products unless they are commingled with non-petroleum hazardous materials
- There is sufficient time (typically 6 months) available to plan and select a response (if not already done in compliance with MA DEP and EPA requirements) and to implement a community involvement plan and public involvement activities (including a 30-day comment period) prior to initiating clean-up
- All funded activities must be completed in accordance with all federal and state regulations and adhere to the Davis Bacon Act
How Can the Funds be Used?
Projects that are deemed eligible and meet the goal of the program can be used for cleanup related purposes such as:
- Soil removal/consolidation
- Soil vapor barrier
- Engineered barrier
- Lead paint abatement/removal
- Asbestos removal
- Health and safety plan
- Other eligible cleanup activities
Questions?
For questions about the program or to request an application, please contact
brownfields@newbedford-ma.gov.
This program is supported in part by the Environmental Protection Agency and 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.
