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.