Brownfields Redevelopment Fund
The Brownfields Redevelopment Fund finances the environmental assessment and remediation of brownfield sites. Eligible applicants may apply for up to $250,000 in site assessment funding, and/or up to $750,000 in remediation funding.
Types of Redevelopment Fund Programs
- The Brownfields Site Assessment Program provides unsecured, interest-free financing up to $250,000 for environmental assessment of brownfields.
- The Brownfields Remediation Loan Program offers flexible loans up to $750,000 for environmental cleanup of brownfields.
Brownfields Tax Credit Program
The tax credit program is administered by the Massachusetts Department of Revenue and offers eligible businesses and nonprofits a tax credit for the costs incurred to remediate contaminated property owned or leased for business purposes and located in an economically distressed area. Tax credits may be used against state tax liabilities, or transferred or sold to third parties.
Charter School Loan Guarantee
Through the Massachusetts Charter School Loan Guarantee Fund, MassDevelopment provides guarantees for bank loans or tax-exempt bonds financing the acquisition, construction, or renovation of charter school facilities located in Massachusetts.
For facilities owned by the school:
- Loan guarantees cover a percentage of the first mortgage loan up to the lesser of 50% or $3 million.
- Loan advance rate may be up to 100% of the property value.
For facilities leased by the school:
- Loan guarantees cover up to the lesser of $1 million or 90% of the cost of facility improvements.
Commercial Real Estate Loan
Real estate loans can be used to fund facility acquisition, renovation, construction, and permanent financing.
Our real estate loan program offers:
- Loans or bank loan participations up to $10 million
- Construction loans, preferably made in partnership with another lender
- Permanent loans
- Multi-tenant, mixed use, commercial, industrial
- Manufacturers, small business, nonprofits
- Rental housing apartment buildings
- Loan advance rates up to 90% of the property value
Real Estate Tax Credit Bridge Loan
We can make a bridge loan to your monetization of fully committed MA or Federal Historic Tax Credits, or MA Housing Development Incentive Program (HDIP) Tax Credits so that you can put the proceeds to work in your construction project.
- Loans of up to $4 million
- Secured by first or second mortgage on subject property, plus assignment of tax credits
- Interest may be capitalized
Green Loans and Real Estate Improvement Loans
We can finance the installation of energy efficiency and renewable energy improvements, and/or other improvements on existing real estate. Loans of up to $1 million with a second position mortgage lien on real estate when a first is unavailable.
Term Working Capital
We can make a term working capital loan of up to $1 million against the value of owner-occupied real estate.
Leasehold Improvements
Loans of up to $500,000 for improvements to leased real estate, secured by an all assets lien on the borrower’s business. For use in situations where it is not feasible for the property owner to make the improvements.
Emerging Technology Fund
Your company is off and running, and you’re ready to go to the next level – that’s when you come to us. The Emerging Technology Fund (ETF) is designed to help growing companies like yours find the capital you need. We work with companies located in or relocating to Massachusetts that have strong management teams, demonstrated technical developments, shown market demand for their products, and proven financial records.
The ETF makes loans of up to $4 million to technology companies for expansion, working capital, or equipment purchases. Combined with MassDevelopment’s other offerings, we can help you deliver the products essential for a thriving economy.
Equipment Loan
If your company is expanding operations and needs to purchase equipment, MassDevelopment can help.
Our equipment loan program offers:
- Loans or bank loan participations from $100,000 to $3 million
- Fixed rate financing
- Loan terms up to seven years
- Loan advance rates up to 100% of the cost of new equipment, or 100% of orderly liquidation value of used equipment
Export Financing
MassDevelopment offers the following programs to help companies that export or anticipate exporting products or services internationally:
- 100% Export Loan
- 100% financing for new equipment, leasehold improvements, and working capital
- Loans up to $2 million
- Interest-only payments for the first 12 months
- Up to 7-year term and amortization
Export Loan Guarantees
Loan guarantees on working capital lines of credit and other eligible loans.
Other international trade resources available to exporters:
- Massachusetts Export Center – One-on-one export counseling and technical assistance, export workshops, and other services.
- Massachusetts Office of International Trade and Investment – Works to expand the Massachusetts economy by marketing the state’s business internationally.
Mortgage Insurance Guarantee
MassDevelopment can provide a guarantee on a portion of a bank real estate loan or tax-exempt bond. Our guarantee covers the difference between a bank’s maximum allowable loan advance rate and up to 100% of the property value, thereby increasing the amount of financing available to your business.
Our mortgage insurance guarantee program offers:
- Loan guarantees up to $4 million
- Loan advance rates up to 100% of the value of the real estate
Guarantees are also available for charter school loans, tax-exempt bonds, loans to companies that export products to international markets, and working capital loans to manufacturers.
Predevelopment Loan
Predevelopment loans can be used to finance early-stage real estate project costs, such as architectural and engineering work or traffic and feasibility studies necessary to advance a project to the construction stage. Our predevelopment loan program offers loans up to $500,000 and deferred interest payments.*
*Loans are secured by a first or second mortgage on the subject property.
State Small Business Credit Initiative
MassDevelopment provides loans and guarantees funded through the State Small Business Credit Initiative (SSBCI) to support business investment. Our SSBCI program has a particular focus on SEDI businesses.
TechDollars
MassDevelopment offers loans from $25,000 to $500,000 to help nonprofit 501(c)(3) organizations located in Massachusetts purchase and install technology equipment. 100% of cost of purchase of new or used telecommunications and information technology equipment, software, and related installation costs.