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The FCCDC has raised capital from public and private sources to provide "gap" financing for business start-ups and expansions.
Since our beginning, we have provided over $8 million in financing to local businesses through over 250 loans. CDC borrowers have created or retained over 1400 jobs throughout Franklin County!
We particularly seek to lend to manufacturing, agricultural and other natural resource based businesses, artisans, and retail or service businesses located in core downtown areas. Lending to businesses that will create or retain jobs for local residents is a priority.
Our loans range in size from $5000 to $150,000 and are usually combined with other financing, including owner's equity and bank loans. Our typical interest rate for existing businesses is one or two points above prime, fixed for the term of the loan.
We offer several different business loan programs with different loan sizes and eligibility requirements. All potential borrowers use the same application form. We then match the business to the most appropriate and lowest cost source available.
- The Four Town Trust Fund provides loans for businesses in Greenfield, Montague, Shelburne and Buckland.
- The Ten Town Trust Fund targets businesses located in Ashfield, Bernardston, Charlemont, Erving, Gill, Hawley, Northfield, Warwick, Wendell, and Whately.
- The SSED Fund (Sudden and Severe Economic Dislocation) is for businesses that require financing for the retention or creation of jobs in Franklin County as well as Athol, Petersham, Phillipston and Royalston. It is also available to support minority and women-owned businesses.
- The Rural Development (USDA) Intermediary Lending Program is for established businesses that need gap financing. Funds may also be available for new and expanding businesses.
The first step in applying for a loan with the CDC is to fill out our application form. Click here to get started.
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