**The MakerLoan Program is for Manufacturers and Makers (those that produce a good/product for market sale), other business types will not qualify.***
MakerLoan: No interest loan for Makers that is intended for entrepreneurs or micro-businesses that cannot access typical financial services; intended to build borrower’s financial history and help formalize the business.
For: Entrepreneurs, sole proprietorships, and micro-businesses which employ 5 or less people. Goal is to support business growth and to support development of the ‘Maker’ ecosystem in Holyoke.
Uses: Start-up costs – typically incurred within the first 3 years of operations, pre-profit, before businesses can qualify for traditional capital – and other small, short-term expenses.
Amount: Up to $25,000
Term: Up to 5 years
Interest Rate: 0 %
Collateral: Minimum for an all asset security lien on business and personal guaranty
- Download the Policies and Procedures for the Maker Loan here: HEDIC Maker Loan Overview, Policies And Procedures
- To apply access the Pre Application Form: PREAPPLICATION FORM HERE
The Holyoke Economic Development and Industrial Corporation (HEDIC) will be hosting a virtual information session for small businesses interested in learning more about the MakerLoan Program on September 13th at 12pm.
Register for the MakerLoan Info Session HERE