Programs and Loan Opportunities

The Manchester Development Corporation (MDC) is dedicated to fostering economic growth and revitalizing the community through a variety of targeted programs and loan opportunities. Our initiatives are designed to support local businesses, encourage downtown development, and provide essential financing for business expansion and beautification projects. Whether you're a small business owner looking to enhance your storefront, a new entrepreneur seeking low-interest capital to kickstart your venture, or an established business aiming to expand, MDC offers a range of financial resources to help you succeed. Explore our Enhance MHT, Kickstart MHT, and Queen City Loan Fund programs to discover how we can support your business and contribute to the vibrant, sustainable future of Manchester.

ENHANCE MHT

The MDC is offering a $500 Enhance MHT Grant to businesses and landlords for improvements to streetscape, outdoor seating, restaurant barriers, façade improvement, window display, signage, or other related beautification efforts. This fund size is capped at $10,000 total and requires a commitment from the business owner to match funds for a total of $1000. The following terms have been established for this investment product:

 Grant Amount

  $500
 Interest Rate

  0%
 Term

  N/A
 Amortization

 N/A 
 Forgivable

  Yes
 Collateralized

  No
 Guaranties

  N/A
 Subordinate Loan  N/A
 Form of Payment Reimbursement to Beneficiary upon submission of invoices/receipts reflecting work performed to include photos of “after” condition for final payment.
 Preferences

Ground level retail storefront 

 Application Requirements

  • Basic Application

  • Description of the intended use of funds

  • Photos of “before” condition  

 Other

  The owner agrees to display a sticker or sign acknowledging that the project was made possible through an MDC grant.
 Loan Amount

  $0 - $25,000
 Interest Rate  Fixed, set quarterly.
 Term

  3 – 5 Years
 Amortization  Term of Loan
 Forgivable  No
 Collateralized

  No
 Guaranties

  Personal
 Subordinate Loan  Yes, behind senior lender
 Form of Payment  ACH Authorization
 Preferences

  • Retail Businesses (non-food & beverage)

  • Located within Canal St. to Chestnut St., Bridge St. to Granite St.

  • 10+ Full-Time Employees   

 Application Requirements

  • Basic Application

  • Full Financial Disclosure of Guarantors and Business

  • Project summary

  • Presentation to MDC Finance Committee 

 Other

  The owner agrees to display a sticker or sign acknowledging that the project was made possible through an MDC grant.

KICKSTART MHT

To incentivize small businesses to locate in a downtown area, Manchester Development Corporation wishes to provide support through its Kickstart MHT loan. These loans are intended to provide downtown businesses with an opportunity to access low interest capital to start or expand a business. This fund size is limited to $250,000.

QUEEN CITY LOAN FUND

For businesses needing greater investment or gap financing, applicants may apply for the Queen City Loan Fund which is intended to provide capital for growth or expansion. This fund size is limited to $500,000, requires other funding sources in place by borrower (traditional lenders), and no more than 25% of the loans in fund can be concentrated on food & beverage businesses. As of September 2023, MDC has issued $130,000 in non-real estate loans with 42% concentrated on food and beverage totaling $55,000 in loans issued with $24,465 in outstanding principal due.

Loan Amount

 $25,000 - $75,000
Interest Rate

 Fixed, set quarterly.
Term

 7 Years
Amortization

 7 Years
Forgivable

 No
Secured

 Yes
Guaranties

 Unlimited Personal Guaranty of all investor/partners with 20% of ownership or greater
Subordinate Loan Yes, Behind Senior Lender
Form of Payment ACH Authorization
Application Requirements

  • Basic Application

  • Full Financial Disclosure of Guarantors and Business

  • Evidence of Lease term running concurrently with Loan Term or other form of control of occupied space

  • Narrative Describing the intended use of funds

  • Business Plan

  • Presentation to MDC Board of Directors 

Other

  • Non-real estate-related investments (businesses only).

  • The owner agrees to display a sticker or sign acknowledging that the project was made possible through an MDC grant.

  • Recorded lien on business/property.
Loan Amount

Negotiable 

Interest Rate

Negotiable 

Term

Not to exceed ten (10) years 

Amortization

Negotiable 

Forgivable

 No
Secured

 Yes
Guaranties

Yes
Subordinate Loan

No
Form of Payment

ACH
Application Requirements

  • Basic Application

  • Full financial disclosure of guarantors and business

  • Evidence of Lease term running concurrently with Loan Term or other form of control of occupied space

  • Narrative Describing the intended use of funds

  • Business Plan

  • Presentation to MDC Board of Directors 

    Other

    • The owner agrees to install a permanent placard acknowledging that the project was made possible through an MDC loan.

    • Recorded Lien on business/property.

    • Right of First Refusal to purchase by MDC. 

    CUSTOM MHT LOAN FUND

    For businesses needing other forms of assistance, applicants may apply for the Custom MHT Loan Fund which is intended to provide capital for acquisitions, real estate, or other major improvements to the downtown area. This fund size is not limited; however, MDC will work with participant lenders based on the total need and impact of the business on the community. There are no geographic limitations or restrictions, however, the borrower must provide the evidence necessary to prove need through their request.

    Get In Touch

    Interested in our financial support programs? Contact us to discover how our grants and loans can help you achieve your business goals and make a positive impact on our community.