Whether you're just getting started, looking to expand your business, improve its appearance, or simply get advice on best practices, we're here to help. Somerville has several business assistance programs. These include the Small Business Loan Program, Storefront Improvement Program, the Somerville 4 Business funding search engine, Brownfield development assistance, and more. View the links below to learn more about each program.
To read about some of these programs in action, check out our home page. You can learn about the experiences of local Somerville business owners who've participated in these programs and used them to strengthen their own businesses.
Commercial Property Improvement Program
The City’s Commercial Property Improvement Program provides grants to
businesses and property owners interested in renovating or restoring
building facades and making storefronts more attractive.
The City of Somerville Innovation Fund (I-Fund)
The City of Somerville offers a $1 million flexible loan fund for
innovative businesses looking to expand in Somerville or relocate to
Small Business Assistance Program
This program provides technical assistance and implementation support
for businesses seeking to upgrade window displays, improve store
layout, implement new social media strategies, enhance visual
merchandising, implement best practices in creating a superlative
customer experience and/or address other management concerns. Services
are offered through consulting company Retail Visioning’s On-Site
Technical Assistance Program.
Small Business Administration (SBA): The SBA offers programs and services
to Somerville small business owners and
entrepreneurs looking to start a small business in Somerville. Their work involves lending
programs, including the:
7(a) program: The SBA’s most common loan program
that offers financing toward the establishment of a new business or to assist
in the acquisition, operation, or expansion of an existing business.
Microloan Program: The program provides small,
short-term loans toward working capital, equipment purchase, or renovations.
504 program: The program provides long-term,
low-interest financing toward large-scale equipment purchase or real estate
Their work also includes partnerships with technical
assistance providers, including Service Corps of Retired Executives (SCORE) (https://boston.score.org/),
Small Business Development Centers (http://www.sbdc.umb.edu/),
Women’s Development Centers (http://www.cweonline.org/),
Veterans Business Outreach Centers (http://www.nevbrc.org/), and more.
For information on financing, technical assistance, or
additional resources to start or grow your business, please visit http://www.sba.gov/.
Partner Financial Institutions:
Take advantage of a variety of commercial loan programs through partner
institutions to finance your business needs. These include:
- ACCION East:
- Bay Colony Development Corporation:
- Century Bank:
- Eastern Bank:
- Rockland Trust:
- TD Bank:
- Winter Hill:
Loan and other financial assistance programs
Use the free Open4BusinessTM search engine to browse for one of over 450 business funding programs from Federal, State, and Local sources.
Thinking of purchasing a Brownfield designated property? You may be eligible for short term loans to cover the cost of environmental remediation activities. Click on the link above for more information.