The city of Boston has rolled out a $350,000 micro loan fund which will be serviced by Tremont Credit Union.
Small businesses based in Boston's empowerment zone will be eligible to receive up to $25,000 in loans for inventory improvements and working capital. The zone is a 5.8 square-mile area that consists of roughly 60,000 residents, or approximately 10% of the city's population. The U.S. Department of Housing and Urban Development designated the zone in 1999 to ensure responsible development and sustained community revitalization in areas that have experienced years of chronic divestment, according to a press release from Boston Mayor Thomas Menino's office.
Empowerment zone businesses with annual revenues less than $500,000 are eligible to apply for financing through the program. Loans will vary from $5,000 to $25,000 and will carry a fixed rate of 9%.
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