Greater Nashua Revolving Loan Fund
Need a loan to expand your business? The Greater Nashua Revolving Loan Fund (RLF) provides flexible alternative financing for working capital, as well as the purchase of machinery, equipment and real estate to businesses located within or moving to Greater Nashua. The RLF finances projects and typically works in partnership with local lenders to be a catalyst for projects that lead to job creation.
Businesses located within or moving to the City of Nashua or the Towns of Amherst, Brookline, Hollis, Hudson, Litchfield, Lyndenborough, Merrimack, Milford, Mont Vernon, Pelham and Wilton are eligible to apply.
Companies with high growth and job creation potential are strongly encouraged to apply, especially those involved with high technology, manufacturing, information processing and professional & business services.
Use of Funds
- working capital
- purchase of equipment & machinery
- commercial real estate (owner-occupied only)
While terms can be flexible to meet the specific needs of the project, most loans will be structured in the following manner:
- Loan Amount: typically between $25,000 and $100,000.
- Interest Rate: fixed rates at a minimum of 6%, set at Prime +2-3% for existing businesses and Prime + 3-4% for start-up businesses.
- Loan Terms:
- Working capital loans: 5 years maximum/5 year amortization
- Machinery and equipment loans: 7 years maximum/7 year amortization
- Commercial real estate (owner occupied): 10 years/amortization of up to 20 years,
Application Process & Fees
The Greater Nashua RLF loan application is a two step process:
- A pre-application can be submitted at no cost and will be used to determine basic project eligibility and feasibility.
- If deemed eligible, a full application can be submitted along with a non-refundable application fee of $350.
If the loan is approved, the application fee will be applied to the loan origination fee at the time of loan closing. An origination fee of 1% of the loan amount will be charged. Closing costs are the responsibility of the borrower.
Other Financing Resources
Other non-traditional financing is available from our partner agencies, including: