City of New Bedford For Real Estate Development
NBForward! is a small business assistance program administered by the New Bedford Economic Development Council (NBEDC). It aims to help businesses navigate the challenges of the pandemic recovery phase while preparing for future growth. The program offers grants of up to $20,000, which must be matched with an NBEDC loan ranging from $10,000 to $200,000 with deferred payments for three months. In addition to financial assistance, technical support such as business planning and resource guidance is provided. Eligible applicants are for-profit businesses that have a physical location in New Bedford, Massachusetts, and have been in operation since at least January 1, 2020. Businesses must demonstrate continued adverse effects from the COVID-19 pandemic. Chains, franchises, liquor stores, tobacco shops, pawn shops, adult entertainment establishments, passive real estate investments, and businesses not complying with all local, state, and federal laws are ineligible.
Award Range
Not specified - Not specified
Total Program Funding
Not specified
Number of Awards
Not specified
Matching Requirement
No
Eligible Applicants
Additional Requirements
Eligibility: - For-profit property owners or developers - Non-profit property owners or developers (subgrants are also available) - All applicants, sites, and activities funded must comply with eligibility requirements of the Environmental Protection Agency - Site must have an actual release or substantial threat of release of a hazardous substance not caused by the applicant and for which the applicant is not liable - Phase I and II Site Assessments must be completed according to Mass Dept. of Environmental Protection requirements and provide location of hazardous materials - Funds cannot be used to clean-up properties predominantly contaminated by petroleum products unless they are commingled with non-petroleum hazardous materials - Sufficient time (typically 6 months) must be available for planning, selecting a response, implementing a community involvement plan, and conducting public involvement activities prior to initiating clean-up - All funded activities must comply with federal and state regulations and adhere to the Davis Bacon Act
Geographic Eligibility
City of New Bedford
Application Opens
Not specified
Application Closes
Not specified
Grantor
New Bedford Economic Development Council (NBEDC)
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