To assist in the creation of new small businesses or the physical expansion of existing small businesses in targeted commercial corridors by providing forgivable loans to qualified applicants.
This program is funded through the City of Worcester's Community Development Block Grant (CDBG) funds, which are allocated by the United States Department of Housing and Urban Development (HUD). The funding amount per project is based upon the total new square footage to be occupied by the entrepreneur or existing business owner. The maximum funding amount per project is not to exceed 50% of the total project cost.
|Total Square Footage to be Occupied||Maximum Funding Amount|
|Worcester CARD &
|Up to 2,500 Square Feet||Maximum of $5,000||Maximum of $10,000|
|2,501 to 5,000 Square Feet||Maximum of $10,000||Maximum of $20,000|
|5,001 or More Square Feet||Maximum of $20,000||Maximum of $30,000|
New small business owners occupying vacant space, or expanding small business owners in the Commercial Area Revitalization District as well as Quinsigamond Village. The business must be located in a first-floor storefront unit with emphasis to the Creative Economy.
In order to be eligible for CDBG funding, each applicant must qualify as meeting one of the following national objectives of the CDBG program: