Industrial Development Loan Program

The Holyoke Economic Development and Industrial Corporation (HEDIC) provides low interest financing to qualified industrial businesses.  To be eligible a firm must be a new or expanding industrial business; the capital loaned must be for fixed asset acquisition, construction and/or capital.

Uses:

  • Land or building acquisition
  • Purchase of machinery and equipment
  • New construction or renovation
  • Leasehold improvements
  • Working capital

Requirements:

  • Projects funded by HIDP must generate one new job per $20,000 of funds loaned
  • Loan must be for the owner/user of the business
  • Business must be located in Holyoke
  • Business must provide satisfactory financial data
  • Loans made to for-profit industrial or industrial-related businesses only
  • “But For” requirement – Project could not proceed “but for” HEDIC participation

Loan Amount:

  • Limited to 30% of total project cost, or $100,000, whichever is less

Rate:

  • 70%  of prime, fixed at date of the vote of the Board of Directors of the Holyoke Economic Development and Industrial Corporation

Terms:

  • 1 – 10 years, contingent upon life of asset being financed

Advantages:

  • Reduced down payment requirements
  • Reduced debt service payments

Further Info:

Please contact John Dyjach at (413)  322-5655 or dyjachj@holyoke.org