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The Lending Program is geared to the needs of small and family-owned businesses to ensure that everyone has access to the resources they need to be successful and help strengthen all neighborhoods of New Bedford.
The NBEDC has a portfolio of lending products to assist your business needs. Our Lending Program manages Revolving Loan Funds including but are not limited to an Entrepreneurial Loan Fund, a Fishing Assistance Loan Fund, and a Community Development Loan Fund. Additionally, we are a Community Advantage and Micro-Loan lender for the U.S. Small Business Administration.
Who is Eligible?
- For-profit business applicants located in New Bedford evidenced by providing business licenses and tax return filings are eligible.
- 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 Lending Program is designed to provide financing for existing, new, or expanding businesses. The following is a list of eligible uses of this capital:
- Working capital
- Equipment purchases
- Build-out expenses
- Real estate purchases
- Other approved business expenses
If you have any questions, please contact our Lending Support Team.
How to Make Your Payment
For the well-being of our existing NBEDC lending clients and our staff, at this time we ask that you refrain from bringing payments into the office in person. For your convenience and ease of processing, the NBEDC accepts Automated Clearing House (ACH) payments for all current loan customers. We encourage you to utilize this service to limit in-person contact and to ensure your payment is applied in a timely manner. If you are 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.