Incubator Loan Fund


A low interest loan program targeted towards technology and life science startup businesses looking to expand in Lowell with a priority given to businesses who intend to create jobs.


Potential/Targeted Businesses:
Including but not limited to; Information Technology, Social Media, App Companies, Medical/Life Sciences, and Companies that have participated in the UMass Lowell Incubator projects

The maximum loan amount shall be $100,000.  The borrower shall maintain a deposit account  in a Participant bank until said loan is paid back in full or until the transaction is cancelled. 

Interest Rate
The rate of interest is three percent (3%).

Term to be determined by the LDFC based on the size of the loan and other criteria but in no event to exceed three (3) years and not to exceed any lease agreements.  Loan may be amortized for a term not to exceed ten (10) years.

Deferred Payment of Interest
No payments on the loan will be due in year one, interest at an annual rate of three percent (3%) is accrued and deferred to the second year.

Collateral for each Incubator Loan will be determined on a case by case basis.  Collateral may include UCC filings, personal guarantees, and mortgages. 

Applications of Borrowed Funds
Funds can be used to assist with rent, day to day operations, to purchase office furniture and equipment and limited fit-up.  


  • Applicants must be referred to the LDFC by UMass Lowell’s Office of Entrepreneurship & Economic Development
  • Business/entity must remain in the City of Lowell, preferably within the innovation district or downtown area, throughout the term of the loan.  In the event a business/entity leaves the City of Lowell, the Incubator Loan will immediately come due and the remaining balance paid in full
  • All Incubator Loan commitments are subject to the availability of funds. 
  • Borrowers shall reimburse the LDFC for all direct costs incurred as a result of the transaction, including appraisals, legal fees, and other fees.  These costs may be funded by the loan but should be the obligation of the applicants as agreed in writing. 


Steven Tello, Associate Vice Chancellor-Entrepreneurship & Economic Development-UML – T:  978-934-424

Jim Cook, Executive Director-LDFC – T: 978-459-9899

Germaine Vigeant-Trudel, Assistant Director-LDFC – T: 978-459-9899