Loan Programs

Lowell's Economic Development staff works with traditional and  non-traditional finance lenders and can offer businesses a full gamut of options. The following are just some examples:

The Small Business Retention Program

is a new program being offered to assist well established small businesses in Lowell, to grow and prosper. Applicant for this program will need to be in business for a minimum period of 2 years. The program will offer eligible applicants with a combination of grants, loans and technical assistance with the goal of providing business owners with the tools to grow their business and prosper in the City of Lowell.    


MassDevelopment has financed companies of all sizes across the Commonwealth with loans, guarantees, and tax-exempt bonds. Financing can be used to purchase real estate, building rehabilitation, equipment, as well as providing export financing to access global markets.

Massachusetts Growth Capital Corporation

Massachusetts Growth Capital Corporation (MGCC) provides loans, lines of credit and guarantees to eligible businesses in Massachusetts.

Lowell Development & Financial Corporation

The Lowell Development and Financial Corporation (LDFC) offers low-interest loans for the acquisition, construction or renovation of commercial, industrial or office facilities containing at least 10,000 square feet. The LDFC in partnership with the City and other local banks also offers the Downtown Venture Fund Program, a low-interest loan fund available to new retail and restaurant ventures  to be located in Downtown Lowell.

Property & Casualty Initiative, LLC

The Property and Casualty Initiative, LLC (PCI) offers financing to companies that are unable to obtain the required financing from conventional sources. Loans can be used for working capital, equipment and real estate purchases. Priority is given to companies located in an economic target area (i.e. Lowell ETA), minority and women-owned businesses and companies that are creating new jobs and/or employ low and moderate-income Massachusetts residents.

Small Business Administration

The Small Business Administration (SBA) offers business loans,  guarantees and equity financing such as the Advantage Loan 7 (A) loan Program, real estate and equipment loans; disaster recovery, exporting and more.   

Merrimack Valley Small Business Center

The Merrimack Valley Small Business Center (MVSBC), as a recipient of a Small Business Administration (SBA) PRIME, administers a microloan fund available to small businesses and start-ups. Loans range from $2,000 to $50,000. Fund can be used for capacity building, working capital, and startup expenses.