Worcester Microloan Program
$75,000
About the Program
To assist in the creation of new small businesses and expansion or retention of existing small businesses by providing short- and long-term, fixed-rate, low-interest loans to qualified borrowers.
Eligible Applicants
New or existing small business owners interested in opening, expanding or retaining a business in the city of Worcester.
- Preference will be given to applicants whose business will occupy currently available vacant space.
Eligible Uses
- Construction
- Purchase of Equipment
- Purchase of Inventory
- Remediation
- Working Capital
Funding
This program is funded through the City of Worcester's Community Development Block Grant (CDBG) funds, which are allocated by the United States Department of Housing and Urban Development (HUD).
Loan amounts may range from $5,000 to a maximum of $75,000 with flexible terms of one (1) to ten (10) years.
HUD Eligibility Requirements
In order to be eligible for CDBG funding, each applicant must qualify as meeting one of the following national objectives of the CDBG program:
- Benefiting Low- and Moderate-Income Persons
- Meeting an Urgent Need
- Prevention or Elimination of Slum or Blight
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