ONE-STOP FINANCING

As a one-stop financing center, the Fall River Office of Economic Development (FROED) works closely with public-sector agencies and the banking and investment communities to identify available sources of capital.  FROED's in-house lending programs can be combined with private, state and federal funds.  The result is a below-market financial package tailored exclusively for your business.

FROED Revolving Loan Fund

This low-interest loan program addresses fixed asset and working capital needs.  Loans are linked to job creation requirements, and borrowers must secure 70% of the total project cost through equity or private lending sources.  Rates are fixed and below-market.  Business start-ups and expansions are eligible.

FROED Human Capital Revolving Loan Fund

FROED offers loans to businesses interested in providing training programs to improve employee skill levels.  Funded in part by the Bay State Skills Corporation, the program is designed to improve product quality and reduce production inefficiencies.

FROED Microloan Fund

Created for the true small business, this loan fund targets "micro enterprises" unable to secure traditional financing.  The average loan amount is $12,000.  Rates and terms are flexible.

FROED Working Capital Loan Program

The Working Capital Loan Program provides qualified borrowers with below-market, interim financing for up to one year.  The loan is issued on a demand basis and must be secured by an irrevocable letter of credit.  Rates are negotiable.

South Eastern Economic Development Corporation (SEED)

SEED is the regional lending arm of the U.S. Small Business Administration (SBA).  SEED offers businesses three key programs:

The SBA 504 Program

Can be used in projects with a total cost of $125,000 to $1.875 million.  SEED provides a maximum of 40% financing up to $750,000.  Rates are fixed and below-market.  A bank selected by the applicant finances 50% of the project.  The applicant is responsible for the remaining 10%.

The SBA 7A Program

A loan guaranty vehicle designed to facilitate bank involvement in eligible projects.  SEED packages SBA quaranty applications for local banks.  Several have received "preferred lender" status, resulting in quicker loan delivery time.

The Enterprise Fund

A $6.8 million loan pool for loans under $100,000.  Seventeen area banks participate in the program.  SEED administers the fund and obtains 90% SBA loan guaranties for these lenders.

Massachusetts Industrial Finance Agency (MIFA)

MIFA's industrial revenue bonds are ideal for the financing requirements of larger projects.  Bonds can be issued for ventures with capital expenditures between $1.5 million and $10 million.  Construction and real estate costs, working capital, and the purchase of machinery and equipment are all eligible.

Massachusetts Government Land Bank

Land Bank funds can be used for industrial parks, multi-tenant industrial buildings, underutilized parcels, small business incubators and downtown commercial buildings.  The agency helps developers and lenders package complex financing transactions.

Other Programs

The Commonwealth of Massachusetts offers a number of other financing programs that address a wide range of business needs.  FROED's experienced staff works closely with the Massachusetts Office of Business Development (MOBD) to help businesses identify and access the state's extensive menu of financing options.  MOBD's regional office is minutes away at nearby UMass Dartmouth.

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For detailed information about the City of Fall River, contact the Fall River Office of Economic Development:

E-Mail to the Information Office.

E-Mail to the Business Development Office.

E-Mail to the Director of Economic Development.