Somerville Venture Loan Fund
In partnership with the City’s Chamber of Commerce, Main Streets organizations, and local banks, the City of Somerville is establishing a Venture Loan Fund. This fund will provide gap financing to small businesses and startups, especially those owned by women, minorities, and immigrants, or businesses that are structured as worker-owned cooperatives.
The City released an RFI to identify organizations, particularly community development financial institutions (CDFIs) and other local community-based lending organizations, who would be interested and capable of administering a Venture Loan Fund for small businesses. The City will be hosting a meeting on Thursday, November 12 at 2 p.m. with these parties.
Interested in being part of the conversation? Email [email protected].