When you are ready, you may fill out the loan pre-application form on this site.

WHAT ARE MY OPTIONS?

Based upon their needs and eligibility, there are several loan options for borrowers to consider.

• SMALL BUSINESS LOANS
• MICROENTERPRISE LOANS
• LOAN TO NON-PROFIT ORGANIZATIONS THAT PROJECT JOB CREATION

SMALL BUSINESS LOANS

We offer loans up to $1000,000 for businesses planning to create jobs in the near future. Borrowers have received loans for many purposes, including: start-up equipment, purchase of assets, working capital, and expansion or acquisition of business-related real estate.

MICROENTERPRISE LOANS

Very small businesses (5 or fewer employees, including the owner) can be eligible for Microenterprise Loans if the owner(s) meet low to moderate income guidelines. These loans are typically for up to $25,000 and can be used for purposes similar to Small Business Loans. There is no requirement for job creation.

Candidates for Small Business or Microenterprise Loans are reviewed by a Loan Committee and approved based on an analysis of cash projections, available collateral, credit history, experience, and market conditions.

WHO SHOULD APPROACH THE QVBAC FOR A BUSINESS LOAN?

Any existing or pre-venture business that says "yes" to either of the following questions:

• Have you approached a bank about financing your business or business idea and been unsuccessful in obtaining the financing you need?
• Have you been afraid to seek financing because of the paperwork involved? Because of a poor credit history? Or, because of your inexperience in business or with business loans?

WHAT CRITERIA DO I NEED TO MEET IN ORDER TO BE ELIGIBLE?

You must first meet the following criteria to be eligible to apply for loan assistance:

• Do at least fifty-one percent of your business in one of the following towns: Belchertown, Brimfield, Brookfield, East Brookfield, Hardwick, Holland, Monson, New Braintree, North Brookfield, Palmer, Spencer, Wales, Ware, Warren, or West Warren.
• Be able to prove that you are not eligible for conventional financing, either completely or partially. A denial from a bank, or evidence showing a gap in your financing need, is necessary.
• Show that a job, or jobs, for low or moderate-income person will be created or retained as a result of the loan. Eligibility requirements differ slightly in this regard for Microenterprises. See the following section on Microenterprise Loans

LOANS TO NON-PROFIT ORGANIZATIONS

Non-Profit organizations that can project job creation as a result of the receipt of a loan may also be eligible. Please contact the QVBAC for more information.

Click here to download a QVBAC loan packet.

The Quaboag Valley CDC is an Equal Opportunity provider