Community Business Loan
Lynn Small Business Loan Fund
MCCI has partnered with the Lynn Small Business Loan Fund to co-offer small business loans to Lynn-based existing and start-up businesses that cannot currently access financing from a traditional bank or credit union lender.
For more information, contact Elsabel Rincon, Business Development Lending Officer, at (978) 717-3946 or elsabel.rincon@mccinvest.org.
To Qualify Businesses Must Demonstrate
-
The business owner(s) are 18 years of age or older
-
The business is located in Lynn (later to be expanded to other North Shore areas)
-
The community would benefit from the business project
-
20% investment into the business by the business owner
-
Willingness and capability to repay the loan
-
Business industries not applicable- Cannabis, Adult Entertainment, Firearms, Pyramid based, Real Estate/Stock speculation
Details
-
Amount: $5,000 to $100,000
-
Terms: 1 to 5 years
-
Interest Rate: Fixed, 3 points above WSJ Prime Rate at time of loan closing
-
1% Closing fee
-
No Application Fee
The Lynn Small Business Loan Fund was created in partnership between MCCI, the Essex County Community Foundation, the City of Lynn, Mass Growth Capital Corporation, and several banks including financial commitments from lead bank Eastern Bank, East Boston Savings Bank, Berkshire Bank, St. Jean’s Credit Union, NorthShore Bank, Mass Growth Capital Corporation, and Boston Private. In addition, the Essex County Community Foundation provides a 10% loan loss reserve to the fund.
Businesses also have access to technical assistance from a network of small business support organizations including Enterprise Center, North Shore Community Development Coalition, North Shore Business Latino Association, Creative Collective, Massachusetts Small Business Development Center, E For All Lynn, and the North Shore Alliance for Economic Development.