Financial Resources
Managing your business’ finances is a skill that is critical to your success, and having access to the right information can make all the difference in achieving your professional goals. The resources included on this page represent various financial programs and partners that can provide the capital, financial tools, and knowledge you need to assist you in securing a prosperous financial future for your business.
LOCAL
Essex County Community Foundation
Essex County Community Foundation inspires philanthropy that strengthens the communities of Essex County by managing charitable assets, strengthening and supporting nonprofits, and engaging in strategic community leadership initiatives. ECCF recognizes that small businesses are the lifeblood of main streets and local economies – and face challenges every day. Working with their economic development partners, ECCF aims to build a countywide ecosystem of support that enables small businesses to build resiliency and thrive.
Nectar Community Investments
Nectar brings flexible capital, expert guidance, and lasting partnerships to communities often overlooked by traditional finance and stands with small business owners as they build stability, opportunity, and generational wealth. Nectar’s small business lending team focuses on underrepresented entrepreneurs in Salem through working one-on-one and helping you find the right financing opportunity for their company. Nectar offers competitive, flexible debt and equity products and a range of support services.
Small Business Loan Program
This program works to expand financing opportunities for local entrepreneurs, while creating jobs and revitalizing the city’s downtown and eligible neighborhoods. The program provides low-interest loans to qualified entrepreneurs to cover the gap between the amount of financing needed for an economic development project and the amount that conventional lenders can finance. Funds are available for acquisition, construction, or rehabilitation of real property and for financing related to the purchase of equipment, fixtures, inventory, leasehold improvements and working capital. Terms and conditions vary.
Storefront Improvement Program
This program is designed to encourage private investment and reinvestment by new and existing property/business owners in eligible districts. The program allows a one-to-one match for moderate to substantial exterior and/or façade improvements in the designated areas. The match from the city is up to $5,000 for each project.
STATE
Commonwealth Corporation
Commonwealth Corporation is a quasi-public agency that was established in 1996. The agency is responsible for administering and delivering a wide range of publicly and privately funded programs. Their Workforce Training Program helps address business productivity and competitiveness by providing resources to fund training for current and new employees through four types of grants.
Massachusetts Office of Business Development (MOBD)
The Massachusetts Office of Business Development (MOBD) helps businesses relocating to Massachusetts and businesses wishing to expand their current operations here. Our staff operates in regions across the state, so we are able to provide you with on-the-ground knowledge and viable connections for your business. We work closely with the private and public sectors to coordinate a whole range of resources at your disposal.
MassDevelopment
MassDevelopment is the Commonwealth’s development finance agency and land bank. The organization’s team works with businesses, non-profits, banks, ad communities to deliver a wide variety of programs and services such as loans, tax-exempt bonds, grants, real estate technical assistance, and more. Additionally, MassDevelopment offers the Small Business Resource Directory (here), which is a statewide guide created for small businesses in search of support to write a business plan, sharpen your marketing strategy, manage finances, navigate the permitting process, or to seek access to capital.
Supplier Diversity Office
The Supplier Diversity Office (SDO) promotes diversity and inclusion in state contracting by certifying diverse businesses and connecting them with business opportunities. The SDO plays a crucial role in fostering a more inclusive and equitable marketplace or businesses in Massachusetts. The SDO certifies diverse and small businesses that are interested in public and private business opportunities in the Commonwealth. SDO certification is a marketing tool used to enhance a company’s ability to do business in public and private markets.
The SDO certifies Minority Business Enterprises (MBE), Women Business Enterprises (WBE), Veteran Business Enterprises (VBE), and Portuguese Business Enterprises (PBE). More information is available, here.
FEDERAL
Economic Development Administration
The Economic Development Administration (EDA) plays a critical role in facilitating regional economic development efforts in communities across the nation. Guided by the basic principle that economic development should be locally driven, EDA works directly with communities and regions to help them build the capacity for economic development based on local business conditions and needs. EDA provides economic development financial assistance to communities so they can encourage innovation and entrepreneurship in a way that works best for them. Through its network of regionally based staff and portfolio of flexible grant tools, EDA helps communities experiencing economic distress, take control of their future and position themselves for economic prosperity.
Opportunity Zones
The Federal government established the Opportunity Zone (OZ) incentive in 2017 to provide tax incentives for investment in low income communities. The City of Salem has two Opportunity Zones (‘OZ’) encompassing large areas of land that are home to vacant parcels ripe for development, underutilized properties that can benefit from reinvestment, and businesses who wish to expand and grow but lack the capital necessary to do so. These characteristics are especially apparent in the OZ properties in two specific areas of the City: the area proposed for a new South Salem Commuter Rail (‘SSCR’) stop and those along Highland Avenue and Swampscott Road.
To learn more about OZ’s, go to the IRS’ Frequently Asked Questions page at:
https://www.irs.gov/credits-deductions/opportunity-zones-frequently-asked-questions
To view OZ opportunities in Salem, please visit Smart Growth America’s Opportunity Zone Marketplace at:
Small Business Administration
The Small Business Administration (SBA) provides resources and tools, including access to capital, opportunities in Federal contracting, entrepreneurial education, and disaster assistance. The SBA does not directly lend money, but it guarantees loans made by banks and other lenders, making it easier for small businesses to secure funding.