MDC Financial Assistance Programs

MDC provides gap financing to business owners and developers to assist in economic development opportunities that will led to job retention and creation.  MDC currently provides two type of loans to businesses and developers:

Queen City Loan Fund

The Queen City Loan Fund's (QCLF) purpose is to provide new and existing Manchester businesses access to capital for growth or expansion. QCLF also aims to support and contribute to Manchester’s revitalization through business development and job growth.QCLF loans are to provide gap financing in conjuction with a commercial lending source for new and existing businesses in Manchester.

The terms of the loans will be customized to the request and use of funds, but typically:

  • Must be secured; may be subordinate lien behind senior lender
  • Requires the unlimited personal guarantee of owners with more than 20% ownership in business for term of the loan
  • Terms generally not to exceed 5 years
  • Borrower must provide ACH payment authorization

The fund size is $500,000 with up to $75,000 available per borrower. 

MDC Revolving Loan Fund (funds not available at this time)

The MDC Revolving Loan fund provides financing assistance to businesses for the purpose of creating or retaining jobs in the City. Loans of $10,000-$50,000 may be made for working capital, while loans in the amount of $10,000-$100,000 may be granted for fixed asset acquisition and capital improvements. This program is administered by the Manchester Economic Development Office.

Since 2008, the MDC has made $800,000 available to new and expanding businesses through the City’s Revolving Loan Fund.

  • Sterling Linen
  • XO on Elm
  • The Laird Institute
  • XMA Corporation
  • Cookson Stephens
  • Dancing Lion Chocolate
  • Aviation Technology

MDC Development Loans

MDC Development Loans are provided for major projects or developments in Manchester that lead to significant restoration and rehabilitation of underutilized buildings with the intent of creating jobs. Loans of $50,000 - $500,000 can be made for land acquisition, fixed asset acquisition and capital improvements.