The Official Website of the Executive Office of Housing and Economic Development (EOHED)

Housing and Economic Development

Citizens Job Bank

We understand that you have plans for your business. And whether it involves investing in equipment or machinery to expand operations, or purchasing a building to broaden your distribution, you need access to affordable financing. The Commonwealth of Massachusetts and Citizens Bank has teamed up to create the Citizens Job Bank to help you put your plans into action.

This $150-million initiative is designed to reward businesses that contribute to job growth in our communities. The program - which began in Pennsylvania and has since grown throughout the Mid-Atlantic and New England regions - gives qualified businesses in New England access to up to $10 million in financing at 5.50% APR. This rate is subject to change for new applicants. In exchange for the below-market financing, businesses agree to create full-time jobs for residents within three years of completing their expansion projects.

Feature

Benefit

Below-market financing
Borrower will pay expenses incurred by Citizens Bank including but not limited to appraisal and legal fees.

Get a great rate to help finance the equipment, machinery, or building your business needs to move to the next level.

Flexibility
Qualified businesses can borrow $240,000to $5,000,000. Funds can be supplemented with other state sponsored loan programs.


Access the additional funding you need to meet your business expansion plans.

Easy application process          
Businesses can request an application by completed the request BRT form online or by calling (877) BIZ – Team (249-8326).


Save valuable time and enjoy the convenience of requesting an  application online

An ideal business location
Massachusetts offers access to major markets, a highly skilled workforce, and an attractive tax and regulatory structure.


Massachusetts is a business-friendly environment where your business can prosper.

A trusted financial partner
Loans will be originated by Citizens Bank, one of the nation’s leading financial institutions.

Access the expertise and commercial products and services you need to reach your short- and long-term financial goals.

To obtain more information about Citizens Job Bank   loans, or call 1-888-358-0100.

Program Highlights

Rate

  • 5.50% APR; rate is subject to change for new applicants


Eligibility

  • Companies in a broad array of industries doing business in Massachusetts, Rhode Island, New Hampshire, Vermont or Connecticut


Eligible Uses

  • Purchasing or upgrading of machinery/equipment
  • Building acquisition or remodeling


Amounts

  • Minimum $240,000
  • Maximum $10,000,000
  • Loans may not exceed 75% of project cost
  • Building acquisition or remodeling loans limited to 75% of appraised value


Terms

  • Machinery & Equipment: 5 years; fully amortized
  • Building Acquisition/ Remodeling: fixed for 5 years; amortized on a 20-year schedule


Collateral

  • Loans must be secured by a first priority lien on assets to be financed


Conditions

  • All loans are subject to credit approval on terms and conditions acceptable to Citizens Bank
  • A minimum of one full-time job must be created within 3 years of the completion of the project for each $40,000 borrowed
  • Job creation certificates subject to annual review by the economic development agencies in MA, NH, VT and RI.
  • Standard legal fees are paid by applicant

Additional information

Job creation certification subject to annual audit by Massachusetts Office of Business Development (MOBD ).

  • Loans can be supplemented with other state sponsored loans.
  • Borrower will pay expenses incurred by Citizens including but not limited to appraisal and legal fees.