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Boston Fund to Offer Small Business Loans

By State House News Service | Sep 1, 2020 | Reprints | Unlock Link

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A nonprofit Boston fund will offer nearly $700,000 in small business loans to spur economic development amid the COVID-19 pandemic, city officials announced Monday.

The Boston Local Development Corp., a private nonprofit operated by a department of the Boston Planning & Development Agency, received a $693,000 grant through the federal CARES Act. That money will be used to run a revolving loan fund for Boston businesses that have been impacted by the pandemic, officials said, with the BLDC’s standard fund offering loans ranging between $25,000 and $150,000.

“This additional funding for the Boston Local Development Corporation will allow Boston to continue its efforts to provide and leverage additional resources to support the small businesses that fuel our neighborhoods and our economy during this challenging time,” Boston Mayor Marty Walsh said in a press release.

B&T Daily