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Small Business Loans

Program Manager: Shayvonne Plummer Ph. (413) 787-6525 Email: splummer@springfieldcityhall.com

The City of Springfield offers a Small Business Loan program to assist
existing businesses fund design work, construction, equipment purchase,
inventory and working capital. Funds cannot finance existing debt or
obligation or work that has already been completed. Loans generally range
from $2,500- $10,000, with a maximum request of $15,000.

Businesses must be in operation for more than a year and submit a full business plan
with their Small Business Loan application. The Loan Committee will review
queued applications quarterly while loan funds are still available:

DOWNLOAD THE GUIDELINES AND PRE-APPLICATION                                                   

Applications must be mailed or dropped off at the Office of Planning and Economic Development located at 70 Tapley Street, Springfield, MA.

NOTE: Proposed projects are required to fulfill basic requirements of the CDBG program, particularly as they relate to job creation goals, elimination of slum and blight, project impact upon the environment, and the Davis/ Bacon Act. The City of Springfield during the application process will advise applicants of these requirements.

Small Business Storefront Grants

Program Manager: Shayvonne Plummer (413) 787-6525 Email: splummer@springfieldcityhall.com

The CDBG Storefront Grant program is designed to assist neighborhood businesses located within CDBG eligible areas complete basic storefront improvement projects. A typical grant award ranges from $2,000 to $7,000.   As the program is financed with Community Development Block Grant funds, businesses must meet certain location eligibility requirements

DOWNLOAD THE GUIDELINES AND PRE-APPLICATION

Pre-Applications must be mailed or dropped off at the Office of Planning and Economic Development located at 70 Tapley Street, Springfield, MA.

NOTE: Proposed projects are required to fulfill basic requirements of the CDBG program, particularly as they relate to job creation goals, elimination of slum and blight, project impact upon the environment, and the Davis/ Bacon Act. The City of Springfield during the application process will advise applicants of these requirements.

DevelopSpringfield State & Main Street Storefront Program

The Corridor Storefront Improvement Program (CSIP) is targeted to ground- floor commercial storefronts with direct frontage along Main Street and State Street commercial corridor areas.

Grants of up to $10,000 may be awarded to fund the cost of eligible renovations. Grants require a minimum 25% match from the applicant of the total project cost. The applicant's match may be from the applicant's own funds or other financial aid (grant or loan) received from other agencies and/or banks. Such funding must, however, be documented.

Grant funds will be released upon successful completion of the project; and submission of a project cost reconciliation; evidence of payment to all associated vendors including architects, contractors and the like; and submission of approved receipts for materials and services. In-kind services do not qualify as match or as approved project costs.

For more information visit DevelopSpringfield.com

Funding

Common Capital - is a community loan fund providing financing and business advisory services to small and medium sized businesses and to non-profits for community based projects in Western MA.  Common Capital provides free individualized business assistance to its borrowers to ensure they have the resources and capacity to succeed and grow.  Financing up to $300,000 with flexible terms, collateral, and loan guarantees.  English and Spanish speaking lenders.   http://www.common-capital.org/.  For more info call (413)420-0183 , 4 Open Square Way, Holyoke, MA 01040.

Companies (SBIC) of Massachusetts, is a public/private partnership that provides financing to small companies. SBICs are privately organized and managed venture capital firms that are licensed by the Small Business Administration (SBA). More information on SBICs is available. 1-800-827-5722  http://www.sba.gov/INV/

Massachusetts Growth Capital Corporation (MGCC) offers small businesses, woman or minority-owned businesses, and sponsoring community development efforts in Massachusetts funding if they are able to demonstrate potential and have been unable to obtain necessary financing through traditional sources. Each loan is customized to solve a specific shortfall, prior losses or some other factor that prevents a bank from either making a new loan or increasing an existing one. (617) 523-6262 www.massgcc.com 

Private Capital

Accion USA -As a leader in U.S. microfinance, Accion is committed to bringing affordable small business loans to microentrepreneurs. Accion has provided over $119 million in over 19,000 microloans since inception in 1991, helping to grow small businesses and strengthen the communities they serve. http://www.accionusa.org/ , Ph. (617)616-1549

Capital Investors. (Both are part of the Village Ventures network.) (413) 587-2159 http://www.longriverventures.com/
Longmeadow Capital Partners -typically invests between $2 and 20 million, sponsors financial transactions that include management buy-outs and provides post-transaction operational assistance. http://www.longmeadowcapital.com/  ph# (413) 567-3366

Pioneer Valley Capital- invests in profitable and growth companies with revenues in excess of $5MM. http://www.pioneervalleycapital.com/advisory.html ph# (270) 458-0510

The River Valley Investors (RVI) -is a group of successful entrepreneurs and executives dedicated to helping each other find, evaluate, and profitably invest in exciting companies with significant growth potential.  When we invest, we prefer to do so in companies where we have relevant domain expertise and connections so that we can help our entrepreneurs achieve success. (508) 642-5678. http://rivervalleyinvestors.squarespace.com/

Meadowbrook Lane Capital- is an advisory and investment firm formed by serial entrepreneurs and professionals. (413) 788-4078. http://gasolinealleyfoundation.org/meadowbrook-lane-capital/

Incubators

The Business Incubator at the Scibelli Enterprise Center (SEC) is a mixed use small business facility located adjacent to the Springfield Technical Community College (STCC) campus. The SEC contains a variety of developed office spaces in a professional office environment, as well as a shared reception area, conference rooms, videoconferencing center, and computer resource room. Support services include a customized mentor team for Incubator clients assembled from the SEC Advisory Board members; training opportunities through in-house small business support agencies, SEC programming, and STCC's Center for Business and Technology; and access to local lenders interested in working with small business clients. (413) 755-6112 www.stcc.edu/sec

The Massachusetts Latino Chamber of Commerce (MLCC) is located in downtown Springfield, where it operates advocacy programs, small business technical assistance, loan assistance, and a small business incubator center. The MLCC's trainings, technical assistance, and administrative support are tailored to the local community and the needs of individual diverse constituents. The program offers loan assistance, business plans, financial plans and marketing plans to successfully access capital for startups and growing businesses. (413) 746-1989  www.masslatinochamber.com
 
Gasoline Alley, Springfield  is a business incubator for socially responsible, sustainable start-up businesses. The incubator currently houses existing businesses, meeting rooms, and warehouse and storage space. Professional business support services include assistance with business plan development, financing resources, and marketing plans. http://gasolinealleyfoundation.org/about/our-services/

Indian Orchard Mills is a multi-tenant industrial facility offering low cost space to the Arts and Industries. Currently housing over 100 tenants, the Mills understand the unique challenges that entrepreneurs face in starting up a new venture, and have tailored their management style to meet those needs. A typical space at the mills includes single phase and three phase power, abundant natural light, heavy weight load floors, computerized well balanced steam heating and a super creative work environment. The full time management team is available 24 hours/ day to support the ongoing operations of their tenants. Charles@indianorchardmills.com, http://www.indianorchardmills.com/

New England Business Associates (NEBA) Business Consulting Center, Springfield provides entrepreneurial training and support to individuals with disabilities, from the development of a business concept and the writing of a SCORE-approved business plan, to the implementation of the business. Business support services also include individualized consultations and sales assistance. (413) 821-9200 www.nebaworks.com

 

Mentorship

SCORE is a non-profit organization dedicated to entrepreneurial education through face-to-face and email counseling. (413) 785-0314  http://westernmassachusetts.score.org/ 


The Massachusetts Small Business Development Center Network's Western Regional Office provides free and one-to-one business advising to prospective and existing small businesses. (413) 737-6712  www.msbdc.org/wmass/

The Western New England College Law and Business Center for Advancing Entrepreneurship offers legal and business consultation to entrepreneurs and small businesses, as well as informational Seminars and Conferences. (413) 796-2030 or visit www.wne.edu/cie.

Government

The State Office of Minority and Women Business Assistance (SOMWBA-) promotes the development of business enterprises and non-profit organizations owned or operated by minorities and women.   www.somwba.state.ma.us/  ph# (617) 502-8831


The Small Business Administration (SBA) aids with starting, building and growing businesses. A branch office is located Springfield. www.sba.gov/   Ph# 800-827-5722

The Workforce Training Fund (WTFP)- is a state fund enacted into law in July 1998 and financed entirely by Massachusetts employers. Its purpose is to provide resources to Massachusetts businesses and workers to train current and newly hired employees. www.mass.gov/wtfp please contact Angela Holley at (617) 717-6911 or wtfp@commcorp.org.

The Massachusetts Community Development Finance Corporation provides financing to small businesses in Massachusetts with the purpose of creating or preserving jobs and promoting economic development. (617) 337-2815  http://www.mcdfc.com/ 

MassDevelopment offers Tax-Exempt Bonds which provide a very low interest rate financing for capital projects. Projects financed must be eligible for tax-exempt financing under the federal tax code. Tax-Exempt Equipment Lease/Purchase Program provides manufacturers, nonprofit institutions, and environmental enterprises with a low-cost alternative for financing $300,000 or more in new equipment needs. This organization was formerly known as the Massachusetts Development Finance Agency before merging with the Massachusetts Industrial Finance Authority and Massachusetts Land Bank. 413.731.8848  http://www.massdevelopment.com/about/regional-offices/springfield/  

Safety Grant

Safety Grant-Department of Industrial Accidents awards up to $25,000 to various organizations to fund workplace safety training. Eligible employers within the Commonwealth covered by the Massachussetts Workers' Compensation Law (MGL CH. 152) may qualify for funding.  Kathleen Manson, Director of Office Safety  1 Congress St, Boston, MA 02114; 1-800-666-3303;  www.mass.gov/dia/safety











Page last updated:  Wednesday, May 03, 2017 10:27 am