Small Business Loans

Program Manager: Anthony Moore 

Email: amoore@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

Project Manager: Anthony Moore Email: amoore@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. 

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 University School of Law's Center for Innovation and Entrepreneurship offers legal and business consultation to entrepreneurs and small businesses. (413) 796-2030 or visit http://www1.wne.edu/law/centers/innovation-and-entrepreneurship.cfm 

Government

Supplier Diversity Office (SDO) The Supplier Diversity Office (SDO) of the Operational Services Division (OSD), certifies diverse businesses and also manages several business programs that help enhance the marketability of small and diverse businesses when they bid on public contracts. https://www.mass.gov/supplier-diversity-office

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/  

Page last updated:  Monday, August 20, 2018 12:43 pm