Business In Our Sites Project Grants and Loans

Provides loans or combined loan and grants for the acquisition and development of key sites for future use by businesses

Municipalities, municipal authorities, redevelopment authorities, industrial development agencies and private developers

For speculative projects only

All site development activities required to make a site "shovel ready" including but not limited to:

• acquisition

• demolition

• site work

• infrastructure development

• no maximum or minimum
• grants may only be awarded in combination with loans
• grants may not exceed 50% of the total amount of the financing provided, or $5 million, whichever is less

• loans will be "patient"- no repayment until property is sold or leased
• site must be previously utilized property or undeveloped property that is planned and zoned for development
• counties/municipalities must be notified
• substantial likelihood of site re-use following development
• cannot be for primarily projects that are residential or recreational
• private developers are not eligible to receive grant funds
• if the property is neither sold nor leased during the five year period following completion of the site development work, the applicant may be required, at the discretion of the Commonwealth Financing Authority, to commence amortization and repayment of the loan

Interest rate for the loan will be set by the Commonwealth Financing Authority (CFA).

No fees or points

All loans are to be secured by a first mortgage lien on the project site. The CFA at their discretion may accept a lesser lien position.

Please contact Pat Winsor for full details and assistance.