Predevelopment loans can be used to finance early stage project costs, such as architectural and engineering work or traffic and feasibility studies, which are necessary to advance a project to the construction stage. Our predevelopment loan program offers:
- Loans up to $100,000
- Deferred interest payments
The borrower is required to provide a 50% match for MassDevelopment loan funds.
MassDevelopment made a $50,000 predevelopment loan to Nokode Holdings for architectural and engineering studies related to a mill renovation in Lowell. The 20,793-square-foot mill was subsequently purchased and renovated, in part with the help of a MassDevelopment loan, to accommodate the growing business of Nobis Engineering, an environmental, geotechnical and civil engineering company. The renovation significantly reduced the building’s carbon footprint and created new job opportunities in Lowell.