As a one-stop financing center, the Fall River Office of Economic Development (FROED) works closely with public-sector agencies and the banking and investment communities to identify available sources of capital. Our in-house loan programs, funded in part through a Community Development Block Grant, can be combined with private, state and federal funds. The result is a below-market financial package tailored exclusively for your business.
Business Advantage Fund
The Fall River Office of Economic Development (FROED) offers businesses located in Fall River, Freetown, Somerset and Westport low-interest financing through its Business Advantage Fund (BAF). This unique gap financing tool complements other private and public loan programs available on a local, state and federal level. FROED works closely with banks and other lending institutions to design incentive packages that fit the needs of individual businesses. FROED’s collateral interest is subordinated to principal lender(s). Click HERE for more information about the Business Advntage Fund and loan application.
FROED “50” Fund
The Fall River Office of Economic Development (FROED) offers businesses located in Fall River, Freetown, Somerset and Westport low-interest financing through its FROED “50” Fund. This innovative loan program provides 100% financing opportunities to startup ventures and existing small business. Click HERE for more information about the FROED “50” Fund and loan application.
EDA Revolving Loan Fund
This revolving loan fund assistance program was established with a grant from the U.S. Economic Development Administration and was established to aid in the creation and retention of jobs, primarily for low to moderate income individuals within the community. Funding under this program is intended to be made available to qualified borrowers in conjunction with other private sources of funding. This program and these funds are strictly intended to act as gap financing only. It is the position of the Fall River Office of Economic Development (FROED) to assist businesses by leveraging private and other public funding committed to the project. Click HERE for more information about the EDA Revolving Loan Fund.
FROED Microloan Fund
Fall River Office of Economic Development (FROED) established this assistance program with funds provided by the Small Business Administration (SBA) made available under the American Recovery and Reinvestment Act of 2009 (“the Recovery Act”) (Publ. L. No. 111-5) and is intended to assist start-up businesses and relocation or expansion of existing businesses. Businesses must have fewer than 500 employees and less than $3.5 million in revenues. Under the Microloan program, FROED provides loans up to $50,000, which can be used for the purchase of furniture, fixtures, supplies, materials, equipment and/or for working capital. Microloan Program Funds may not be used for Real Estate. Click HERE for more information about the Microloan Fund and loan application.
The Commonwealth of Massachusetts offers a number of private and public sector financing programs that address a wide range of business needs. FROED’s experienced staff works closely with several key agencies, including:
- South Eastern Economic Development (SEED) Corporation – As the regional lending arm of the U.S. Small Business Administration (SBA), SEED’s financing programs are designed to work in conjunction with the banks in the region. The SEED Corporation runs several programs, which provide small business loans ranging from $5,000 to $1 million. Click here to go to SEED
- MassDevelopment – MassDevelopment provides businesses, non-profits and communities with real estate development services and flexible, cost-effective loans, guarantees and tax-exempt bond financing for facilities and equipment projects. Financing and technical assistance are available to support projects at any stage, from due diligence to construction to permanent financing. Special programs offered include export financing and brownfields redevelopment. Click here to go to MassDevelopment
- Massachusetts Office of Business Development (MOBD) – MOBD’s regional office is only minutes away, near Fall River’s South Coast Research & Technology Park. FROED works closely with MOBD staff to help businesses identify and access the state’s extensive menu of financing options. Click here to go to MOBD