The LDFC has been described as an inventive urban development mechanism with a toolbox of customized programs designed to advance the economic prospects of the community. This is all done in a synchronized way with key partners in the city, namely, the lending institutions, the City of Lowell, and Lowell National Historical Park. The LDFC loans complement private lending and can spur investment by distributing risk more broadly. A board of directors and its executive committee help ensure that programs respond to changing opportunities and needs in the city.

LOAN PROGRAMS

Neighborhood Improvement

Loans for up to 30% of the acquisition, construction and renovation of commercial property that may have a residential component.  Needs LDFC loan application

Industrial Improvement

Loans for up to 25% of the acquisition, construction and renovation of commercial, industrial and office facilities containing a minimum of 10,000 square feet.  Needs LDFC loan application

Down Payment Assistance

Zero-interest loans to first time homebuyers for up to 2.5% of the purchase price.

Downtown Venture Fund

Loans targeted to new and existing business that add to the business growth in Lowell’s downtown.  Restaurants, art galleries, entertainment spots and retail businesses are examples of targeted businesses.

Better Buildings – Energy Efficiency

Low-interest loans to fund energy efficiency and conservation retrofit projects.  Needs LDFC loan application

Incubator Loan Fund

Low-interest loans with favorable repayment terms to fund technology and life science startup businesses currently working in UMass Lowell’s Innovation Hub. 

Launch in Lowell Startup Loan Pilot Program

Low interest program for startup business that has participated in EforAll and Lowell Makes programming and looking to expand in Lowell.