GAP FINANCING
Filling in the Gap to Support Your Financial Success
The Marlborough Area Community Loan Fund program is exclusively for the development and expansion of businesses in Marlborough, MA. Officially launched in January 2016, this revolving loan fund (RLF) allows companies to secure “gap financing,” which provides a bridge between the funding they have obtained through a private lender and the actual amount they need to start or sustain a business.
Funding is provided through a partnership between the City of Marlborough, MEDC and four local banks—Main Street Bank, St. Mary’s Credit Union, Avidia Bank and DCU. Funds are borrowed by business owners, recycled through repayment and re-used by future borrowers.
Who Can Apply
If you are the owner of a business with available capital and bank loan approval that together cover a significant portion of your launch or expansion in Marlborough, the revolving loan fund could help you obtain the remaining funds. The RLF funds can be used towards:
- Leasehold improvements
- Operating capital
- Acquisition of land and buildings
- New construction
- Façade and building renovations
- Landscape and property improvements
- Machinery and equipment purchases
- Soft cost expenses related to real estate development
For more information, contact Linda Martins at lmartins@marlboroughedc.com
Requirements
To be considered, revolving loan fund applicants must meet all of the below requirements:
- Business is or will be located in Marlborough
- Personal guarantees/collateral
- Lease or ownership of commercial property in Marlborough
- Business plan and/or cash flow projections
- Sufficient credit history
- Completed RLF application and supporting documents
Download the Marlborough Area Community Loan Fund Application
Mass Signal Service
Experienced local Master Electrician, Justin Sheridan, wanted to open his own business. But he only had 80% of the funds he needed to buy a bucket truck and begin operations. Through the Marlborough Revolving Loan Fund, he secured the additional funding to launch his new business, Mass Signal Service.
