The Holyoke Economic Development and Industrial Corporation (HEDIC) provides low interest financing to qualified industrial businesses.  To be eligible a firm must be a new or expanding industrial business; the capital loaned must be for fixed asset acquisition, construction and/or capital.

    Uses:

    • Land or building acquisition
    • Purchase of machinery and equipment
    • New construction or renovation
    • Leasehold improvements
    • Working capital

    Requirements:

    • Projects funded by HIDP must generate one new job per $20,000 of funds loaned
    • Loan must be for the owner/user of the business
    • Business must be located in Holyoke
    • Business must provide satisfactory financial data
    • Loans made to for-profit industrial or industrial-related businesses only
    • “But For” requirement – Project could not proceed “but for” HEDIC participation

    Loan Amount:

    • Limited to 30% of total project cost, or $100,000, whichever is less

    Rate:

    • 70%  of prime, fixed at date of the vote of the Board of Directors of the Holyoke Economic Development and Industrial Corporation

    Terms:

    • 1 – 10 years, contingent upon life of asset being financed

    Advantages:

    • Reduced down payment requirements
    • Reduced debt service payments

    Further Info:

    Please contact John Dyjach at (413)  322-5655 or dyjachj@holyoke.org