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