Launch in Lowell Startup Loan Pilot Program

Offered in partnership with Lowell Development & Financial Corporation, EforAll, and Lowell Makes

This low interest loan program for startup businesses that have participated in EforAll and Lowell Makes programing and are looking to expand in Lowell with a priority given to businesses who intend to create jobs.


Amount and Use of Funds
Up to 25,000 to assist with rent, day to day operations, to purchase office furniture and equipment and limited fit-out.

Interest Rate and Term
The rate of interest will be the prime rate at time of closing. Term to be determined by the LDFC based on the size of the loan and other criteria not to exceed three (3) years and not to exceed any lease agreements. Loan may be amortized for up to ten (10) years.

Deferred Payments
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.


  • Open small businesses and Companies that have participated in the EforAll Accelerator Program or in residence and receiving technical assistance from Lowell Makes.

  • Applicants must be referred to the LDFC by EforAll or Lowell Makes.

  • 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 Launch in Lowell Loan will immediately come due and the remaining balance paid in full.

  • 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.

For additional information, please visit: Contacts: Lianna Kushi, EforAll Lowell-Lawrence,, John Noto, Lowell Makes, James Cook, LDFC,  Germaine Vigeant-Trudel, LDFC,

Launch in Lowell Startup Loan Pilot Program Process

  1. Lowell Makes and EforAll participants will be nominated by John Noto or Lianna Kushi.

  2. Applicants will be required to submit a business plan no longer than five pages that includes financial projections and a detailed budget that outlines use of funds.

  3. The business plan will be reviewed by a committee of EforAll and Lowell Makes stakeholders (including but not limited to individuals such as Chester Szablak, Steve Tello, Frank Carvalho)

  4. Once approved by the review committee the application will be presented to the LDFC committee.