The Dorchester Bay Economics Development Corporation (DBEDC), responsible for the Quincy Street Corridor revitalization, has recently been certified by the United States Small Business Administration (SBA) to administer the SBA 504 loan program.
This program, funded by the federal government, is an economic development program that administers loans as well as other forms of financing to small businesses looking to (1) purchase existing buildings, (2) purchase or improve land, (3) construct or remodel facilities, (4) purchase capital, (5) or refinance debt in relation to a new expansion. The SBA reports that this $50 billion program has created over 2 million jobs within the US. DBEDC is currently the only Certified Development Company (CDC) in Boston, which gives it sovereignty in determining what small business receive support.
Interested in receiving a 504 loan? The SBA will provide approximately 40% of the total project cost while a second lender is required to cover 50%. The outstanding 10% must be financed by the borrower. In the past, DBEDC has approved projects such as the Quincy Street Corridor, which aims to promote mixed-income neighborhoods by emphasizing the need for affordable housing, public services, quality schools, and access to transportation and jobs.
In the earliest stages of the proposal, ABG Realty advised the Dorchester Bay Economic Development Center on how to best utilize the commercial space available. By redeveloping the old Pearl Meats Processing Plant, developers hope to provide a functional space for anywhere between 30-40 businesses to open shop.
In addition to the Quincy Street Corridor, DBEDC has financed small businesses like Flat Back Coffee Co., which just opened its fourth location on Franklin Street in the financial District. Dan Desantis of the DBEDC says that borrowers come to them when banks neglect to lend at reasonable rates.