Lowell Development and Finance Corporation
Lowell
LDFC has—for over 30 years—been key to the revitalization of Lowell by partnering with public agencies, banks and other businesses to provide financing for housing and economic development.
LDFC has contributed to many successes that have made Lowell into a national model for urban revitalization, including the Lowell Plan, the National Historic Park and the Merrimack Valley Housing Partnership.
Despite these successful investments, the downtown area of Lowell continued to struggle with high vacancy rates. Entrepreneurs, in particular restaurants and small retailers, found it difficult to access the capital to expand. In 2001, LDFC, the City of Lowell and a number of local banks, sought to address this gap by creating a fund to support the resurgence of retail businesses downtown. The Life Initiative, along with nine local lenders and the City of Lowell, provided capital for the Downtown Venture Fund. Entrepreneurs can borrow up to $200,000 for design, construction, equipment, inventory and working capital. Since its inception, The Fund has made loans to 28 businesses in the downtown area. These businesses, like Caffe Paradiso, the Mambo Grill and Downtown Dancewear, have contributed to the growing vitality of downtown Lowell by providing both jobs and services to the residents of Lowell.