Contact The Economic Development and Industrial Corporation of Lynn
- Address
- Lynn City Hall - Suite 307, 3 City Hall Square Lynn, MA 1901
- Phone
- 781-581-9399
- Website
- ediclynn.org
Where they lend
The Economic Development and Industrial Corporation of Lynn is an SBA-approved microloan intermediary serving Massachusetts.
What an SBA microloan is
The SBA does not lend directly. It funds intermediaries like The Economic Development and Industrial Corporation of Lynn, who lend up to $50,000 to small businesses and start-ups that banks usually turn down. The average loan is around $13,000, terms run up to seven years, and decisions rest with the intermediary rather than the SBA.
Almost every intermediary asks for the same things: a written business plan, financial projections, what the money is for, and your credit history. The plan is where most applications stall.
Before you apply
The Economic Development and Industrial Corporation of Lynn will ask for a business plan with your application. We write SBA-ready plans built for microloan applications, with the financial projections lenders expect.
