Financial Assistance

Small Business Loans

Most small businesses rely on lenders to provide the capital they need to either open a business or to finance capital improvements. Without loans, many small business owners would be unable to realize their dreams of opening a business or expanding their operations.

Coastal Community Capital

Great Opportunity for Businesses in Barnstable’s Downtown Hyannis Revitalization Strategy Area

Coastal Community Capital has teamed up with the Town of Barnstable to support businesses located in Barnstable’s Downtown Hyannis Revitalization Strategy Area!

For a very limited time, we will be offering financing, up to $50,000, to eligible businesses at 2% fixed interest rate for 5 years. Funds may used to establish, stabilize or expand a business.

Among the eligibility requirements are the following:

  • Business must be located in Downtown Hyannis Revitalization Strategy Area (specific downtown Hyannis area). Call for determination.
  • Must employ 5 or less employees including the owners. Each employee, whether full time or part time, is counted as 1 employee.
  • Funds may not be used for facade or signage improvements.
  • Loan must be secured with real estate collateral, unless used to purchase a vehicle with a VIN number.

Act soon, as funds are limited! Other terms and conditions apply.  Equal Opportunity Employer.

For more information and the full list of eligibility requirements, contact us today at 508-362-3755 or email jmarshall@coastalcommunitycapital.org .

Prices, terms and conditions subject to change without notice.

Coastal Community Capital is a division of Cape & Islands Community Development, Inc, a non-profit community development lender serving Massachusetts businesses since 1995. They promote economic development through small business growth, management of the region’s small business loan fund, and provide entrepreneurial support through the EntreCenter. Coastal Community Capital has unlimited access to an array of funding sources, including SBA 504 loans, loan guarantees, and direct lending which are constantly evolving to provide the best solutions for borrowers.
Coastal Community Capital
5 Shoot Flying Hill Road
Centerville, MA 02632
Phone: 508-362-3755
Contact: Jeannine Marshall

SBA Loan Programs

For more information on SBA Loans: www.SBA.Gov

The US Small Business Administration (SBA) offers a variety of loan programs for very specific purposes. Take some time to study the programs described in this section, to see if you qualify to participate.

Economic Injury Disaster Loan Program for Drought-Affected Businesses – Application Filing Deadline: April 17, 2023
The US Small Business Administration (SBA) announced recently that Federal Economic Injury Disaster Loans are available for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations with economic losses due to drought that began Aug. 9.

Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. Apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, and ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions. The loan amount can be up to $2 million with interest rates of 3.04 percent for small businesses and 1.875 percent for private nonprofit organizations, with terms up to 30 years. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits. Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website and should apply under SBA declaration # 17589. Barnstable County’s Declaration Fact Sheet with instructions can be viewed here

7(a) Loan Program
The 7(a) Loan Program includes financial help for businesses with special requirements. For example, funds are available for loans to businesses that handle exports to foreign countries, businesses that operate in rural areas, and for other very specific purposes

Microloan Program
What is a Microloan? The Microloan Program provides small, short-term loans to small business concerns and certain types of not-for-profit child-care centers. The SBA makes funds available to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries make loans to eligible borrowers. The maximum loan amount is $50,000, but the average microloan is about $13,000.

CDC/504 Loan Program
What is the CDC/504 Program? The CDC/504 loan program is a long-term financing tool, designed to encourage economic development within a community. The 504 Program accomplishes this by providing small businesses with long-term, fixed-rate financing to acquire major fixed assets for expansion or modernization.

A Certified Development Company (CDC) is a private, nonprofit corporation which is set up to contribute to economic development within its community. CDCs work with SBA and private sector lenders to provide financing to small businesses, which accomplishes the goal of community economic development.


Mass. Growth Capital Corporation (MGCC)

Massachusetts Growth Capital Corporation (MGCC) is a quasi-public lender created by an act of the legislature and signed into law by Governor Patrick in the summer of 2010. The Mission of MGCC is to create and preserve jobs at small businesses, women and minority owned businesses, and to promote economic development in underserved, gateway municipalities and low and moderate income communities.

If you have any questions please feel free to reach out to them at 617.523.6262 or visit their website for more program information. www.massgcc.com


MassVentures

MassVentures is a venture capital firm focused on fueling the Massachusetts innovation economy by funding early-stage, high-growth Massachusetts startups as they move from concept to commercialization.

MassVentures focuses on Series A investments and considers occasional and opportunistic seed rounds. We provide capital for first-time CEOs and/or founders and consider industry segments not adequately served by the venture community.

Our track record of success combined with our expertise, contacts and support for entrepreneurs makes MassVentures an attractive venture partner for early-stage companies in Massachusetts. More information:  www.mass-ventures.com


MassDevelopment

MassDevelopment offers bond financing programs as a cost-effective way for companies to finance capital projects, new equipment purchases, and facility expansions. They also provide loans and guarantees to help grow your operations, and development assistance for early-stage projects. More information at www.MassDevelopment.com

Contact Jay Pateakos, business development manager for the southeast region at jpateakos@massdevelopment.com.


South Eastern Economic Development Corporation (SEED)

A regional nonprofit economic development corporation with the mission of empowering entrepreneurs, strengthening local economies, and creating jobs by financing all types of small businesses in Massachusetts and Rhode Island.  More information at www.seedcorp.com


Town of Barnstable

COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM (CDBG) 

The Community Development Block Grant (CDBG) program provides federal funding to activities or projects that benefit low to moderate-income households at or below 80% of the area median income.  The goals of the program are to:

  • Provide decent, safe, and sanitary housing
  • Provide a suitable living environment
  • Expand economic opportunities

The Town of Barnstable through the Planning and Development Department, receives federal CDBG funds from the U.S. Department of Housing and Urban Development (HUD) as an entitlement community on an annual basis to support the program’s goals. More information at https://townofbarnstable.us/departments/cdbg/

Commercial Façade Improvement Program CDBG funds are available for façade & sign improvements for commercial businesses located downtown Hyannis in the designated program areas. Applicants are required to provide a one to one match and property owner permission is necessary for tenants applying.


Commonwealth of Massachusetts

Massachusetts Office of Business Development (MOBD) is committed to helping companies create and retain jobs, as well as promote private investment in our state. They facilitate simplified, timely access to a host of governmental and non-governmental resources and incentive programs that will help businesses grow faster and stronger in Massachusetts. 

Investment Tax Credit (ITC) 
The Massachusetts Investment Tax Credit (ITC) offers a three-percent credit for qualifying businesses against their Massachusetts corporate excise tax. The credit is to be used for the purchase and lease of qualified tangible property used in the course of doing business.

State and Local Energy Efficiency Programs
Here you will find a listing of state, local and regional programs that help small businesses become energy efficient. These programs offer financial assistance in the form of grants and loans for making energy efficient upgrades. Grants are also available to firms developing energy efficient technology. These programs also offer free or low-cost technical assistance to help small business owners conduct energy audits and implement energy efficient technology.


Federal

US Government Internal Revenue Service – Business Tax Credits