Investing in Lowell
The Lowell Development & Financial Corporation is a nonprofit corporation established in 1975 by an act of the State Legislature to support economic development and business growth in Lowell, Massachusetts. To incentivize investment in the city, the LDFC provides low-interest loans and other financial assistance to complement private lending to startups, local businesses, and homeowners. The Lowell Development & Financial Corporation is a Lowell Plan partner organization and manages several loan programs in partnership with other public, private, and commercial organizations in the city.
QUESTIONS
For more information about Lowell Development & Financial Corporation loans, contact:
GERMAINE VIGEANT-TRUDEL
Assistant Director
Lowell Development & Financial Corporation germaine@ldfc.org
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Lowell Development & Financial Corporation
Loan Programs
Industrial Improvement Loans
The Industrial Improvement Loan Program offers financial assistance for the acquisition, construction, or renovation of large-scale commercial and industrial properties in Lowell. To qualify, business facilities must exceed 10,000 square feet, and the total project investment must be at least $200,000. Eligible borrowers can access up to $250,000, with interest rates at 75% of the prime-lending rate, with a minimum floor of 6%.
Incubator Loan Program
The Incubator Loan Fund is a low-interest financing program for technology and life-science startups looking to expand in Lowell. Applicants must be referred to the LDFC by UMass Lowell’s Office of Entrepreneurship & Economic Development. Funds can be used to assist with rent, day-to-day operations, limited renovations, or the purchase of office furniture and equipment. Priority is given to businesses that will create new jobs, and eligible borrowers can access up to $100,000 in funding at a low fixed interest rate of 3%.
Neighborhood Improvement Loans
The Neighborhood Improvement Loan Program is a low-interest financing opportunity designed for the acquisition, construction, restoration, and/or renovation of commercial properties, including facilities that may include residential spaces. Borrowers can access up to $50,000—or 30% of the project’s appraised value upon completion. The program offers highly competitive interest rates set at 75% of the prime-lending rate, with a minimum floor of 6%.
Downtown Venture Fund
The Downtown Venture Fund provides low-cost financing to support new or existing business ventures that add value and diversity to Downtown Lowell’s retail and restaurant landscape. Eligible borrowers can access up to $100,000 in funding for design work, construction, equipment purchases, upgrades, inventory, and working capital.
Down Payment Assistance Program
The Down Payment Assistance Program provides no-interest loans to assist first-time homebuyers in purchasing a new home in Lowell. The loan can cover up to 2.5% of the purchase price for eligible borrowers. The maximum annual household income to qualify is $153,900, and borrowers can access up to $7,500.