The Town of Barnstable partnered with Coastal Community Capital to
establish and administer a Micro-Enterprise Loan Program funded by the
U.S. Department of Housing and Urban Development Community Development
Block Grant program (CDBG). The general guidelines and contact
information are listed below:
1. Eligible applicants:
defined as micro-enterprise a business; that is a business that has
five (5) or fewer employees, one or more of whom owns the enterprise.
Owners of such business must be income eligible to qualify. Please
click here to see the current Income Limits.
The micro-enterprise must be located within the boundaries of the Town
of Barnstable. The Town includes the seven villages: Barnstable,
Centerville, Cotuit, Hyannis, Marstons Mills, Osterville, and West
3. Loan Amounts:
A job must be created or retained for each $35,000 borrowed. For
amounts less than $35,000 one job must be created or retained.
4. Eligible Activities -
under the program, eligible activities are defined as the provision of
credit to micro-enterprise businesses (or micro-enterprise start-ups) by
way of loans and loan guarantees for establishment, stabilization and/or
expansion. Most bona-fide costs associated with starting and operating a
business are eligible for funding, except for purchase of land, major
rehabilitation of structures, demolition of structures, new
construction, purchase of vehicles and all activities which may cause
displacement of residents and/or businesses. Some restrictions
5. Interest Rate:
The interest rate charged to borrowers is WSJ Prime Rate.
6. HUD National Objective: Successful applicants are required to meet the
HUD National Objective defined under the low-moderate job requirements
(i.e. create/retain one full-time equivalent job for every $35,000 of
loan fund received).
7. Additional Requirements: Loan applications from eligible
micro-enterprises submitted to the Coastal Community Capital must
address all applicable requirements of the Community Development Block
Grant (i.e., Environmental Reviews, Davis-Bacon Wage Determinations,
Section 3 Local Employment, reporting and others)
Prospective applicants under the program should contact:
5 Shoot Flying Hill Road
Centerville, MA 02632