The Loan Pool
Funded by seven local banks and administered by Quincy 2000, the $700,000 loan pool provides resources to start or expand a business in Quincy. Ranging from $20,000 to $200,000, loans can be used for machinery and equipment, inventory, working capital, leasehold improvements and other start up or expansion expenses. Loaned on a term/installment basis, the program fills the gap for businesses that do not qualify for adequate conventional financing.
The program serves all types of businesses – new or existing, service, retail, industrial or commercial – located in the City of Quincy. Since 1992, 59 businesses have received $3,814,800 in loans and over 350 jobs have been created.
CDBG Revolving Loan Fund
Funded through the City of Quincy Community Development Block Grant program, Quincy 2000 Collaborative offers loans and loan guarantees to Quincy businesses that meet the eligibility criteria for micro-enterprises and job creation initiatives. A micro-enterprise is a business that has five or fewer employees (including the owner). The owner must meet specific low and moderate income guidelines set by the federal government and must commit to hiring at least 51% low and moderate-income employees.
Business loans and loan guarantees may be used in conjunction with the Quincy 2000 Loan Pool or commercial bank loans. Funds can be used for machinery, equipment, inventory, working capital, leasehold improvements and other start-up expenses. Quincy 2000 will do a preliminary assessment of eligibility based on established criteria and will review all applications for these limited funds.
For more information about either of these programs, call the Quincy Chamber of Commerce at (617) 471-1700 or email us at email@example.com.