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LYNN – The Town of Lynn and EDIC / Lynn are offering the Lynn Small Business Loan Fund, a new financing opportunity that will provide loans to existing and start-up businesses in the city that currently cannot access financing from a traditional bank or credit union. Loans will range from $ 5,000 to $ 100,000 with closing costs of 1%, a fixed interest rate and terms of up to five years.
To be eligible, companies must meet the following criteria:
- the business owner (s) are at least 18 years old
- the company is or will be located in Lynn
- the community would benefit from the business plan
- minimum of 20 percent to invest in the project
- willingness and ability to repay the loan
In addition to the loan possibility, the program offers technical assistance to companies seeking financing. Qualified community partners can help business owners with the loan application, and if a business is not ready for a loan, they can help with financial planning and forecasting. Technical assistance providers can connect businesses to networks that can offer advice and help the business progress to a point where access to Lynn Small Business Loan Fund financing makes sense.
“Lynn’s business community is resilient and has weathered the economic upheaval caused by the COVID-19 pandemic. This program is another way for the city, its partners and local and regional financial institutions to support Lynn’s businesses during the pandemic and beyond, ”said Lynn Mayor Thomas M. McGee. “Technical assistance is an integral part of the program: not only will businesses be able to find the financial resources they need, but they will receive invaluable advice and support as they navigate the program and position their business for success. “
This program is the result of a joint effort between the City of Lynn, EDIC Lynn, Essex County Community Foundation, Mill Cities Community Investments, Greater Lynn Chamber of Commerce, North Shore Latino Business Association, Eastern Bank and the Commonwealth of Massachusetts across Massachusetts. Growth Capital Corporation, in collaboration with technical assistance providers and local financial institutions.
“I am very proud of the more than $ 9 million in humanitarian aid provided during the pandemic with the help of EDIC / Lynn and Mayor McGee,” said James Cowdell, executive director of EDIC Lynn. “Over our 40 year history, we’ve helped countless small businesses start up here in Lynn. I am excited about another tool, especially for our growing minority and women owned business in our city to turn to for help.
“The small businesses in our community play a vital role in building an economically strong and vibrant community for all,” said Stratton Lloyd, Executive Vice President and Chief Operating Officer of the Essex County Community Foundation . “This loan fund is part of a larger vision of the small business ecosystem, providing technical assistance, training, capital and networks that entrepreneurs need to grow and prosper.”
Technical support providers include North Shore Latino Business Association, Creative Collective, Greater Lynn Area Chamber of Commerce, Salem Enterprise Center, Lynn Business Partnership, Latino Support Network, ECCO, Massachusetts Small Business Development Center, NS CDC, Beyond Walls and E for All Lynn.
“That’s the true definition of a team effort when it’s needed most,” said Frances Martinez, president and CEO of the North Shore Latino Business Association. “It has not been easy to overcome all the challenges that small businesses face. The Lynn Small Business Loan Fund (Fondo de prestamos para pequeñas empresas de Lynn) is a great new opportunity providing additional resources to help businesses and our community.
Colin Codner, Executive Director of the Greater Lynn Chamber of Commerce, said, “This is a tremendous opportunity for Lynn entrepreneurs. This fund, in partnership with existing support systems, will allow small businesses to thrive in our community, as well as attract entrepreneurs from across the region to explore Lynn as a place to start their business.
The Lynn Small Business Loan Fund is made possible by financial commitments from main bank Eastern Bank, Rockland Trust, St. John’s Credit Union, North Shore Bank and Mass Growth Capital Corporation. In addition, the Essex County Community Foundation will provide a 10% loan loss reserve to the fund and finance the operational costs of the local community development finance institution, Mill Cities Community Investments, which will oversee the program.
“This is a very important initiative for Lynn and our small business community, and we are thrilled to be a part of it,” said Robert F. Rivers, CEO of Eastern Bank. “Hundreds of employees across the East work in Lynn and consider Lynn their hometown, and we are especially proud to launch this fund with our many community partners who come together to support Lynn entrepreneurs.