The Department of Community Development works closely with the Lynn Economic Development and Industrial Corporation (EDIC), the Lynn Inspectional Services Department (ISD), the Mayor’s Office, the Chamber of Commerce and the Lynn Business Partnership in strengthening our economic infrastructure and business community.
The Community Development Director and the Executive Director of the EDIC are the designated economic development officials responsible for initiating outreach efforts to enhance “living wage” job opportunities to unemployed and underemployed residents throughout the community.
During the past year, we have:
Met with over 20 established and potential businesses to encourage business growth, retention and start-up opportunities.
Worked with EDIC to administer $457,500 in Community Development Block Grant (CDBG) funds for 5 business loans through the Lynn Municipal Finance Corporation (LMFC). These funds leveraged over $7,000,000 in private equity/debt financing/grants and resulted in the creation/retention of 21 jobs to new workers, many of whom reside within the NRSA.
EDIC is an invaluable resource for businesses and individuals who seek to relocate or start a new business. EDIC reinforces the impact of LMFC monies by using a combination of SBA Micro Loan Funds and revolving Loan funds secured from the U.S. Department of Commerce, as well as EDIC internal funds to advance the goals of the Consolidated Plan. During the past year, EDIC made over $280,000 in loans to encourage job creation in the program area. In total, 8 loans were made under these various loan programs.
We look forward to working with you
The Office of Community Development and the EDIC look forward to working to maintain and build current businesses, relocate or start new businesses or assist on other economic development issues. We have the expertise, contacts and knowhow to get the answers and streamline the process. As a National McDonalds Executive exclaimed…“The City of Lynn was the easiest city I have ever dealt with in the reconstruction of our facility…”
Section 108 Loans
The Department of Community Development administers the City's Section 108 Loan Program. The loan program is designed for private entities for economic development and job creation purposes.
Lynn Municipal Finance Corporation (LMFC) Loan Fund
The LMFC Loan Program provides assistance to businesses located in Lynn for the purpose of job retention and job creation. It is a fixed loan program for the purchase and/or improvement of land, buildings, plant or equipment, inventory, etc. CDBG funds are used to provide loans to businesses in the City, which helps generate low/moderate income jobs and/or provide services to low/moderate income residents.
For more information
For more information on Section 108 Loan Funds or the LMFC Loan Program, contact Don Walker in the Office of Community Development at 781-586-6778. To visit the EDIC website, go to www.ediclynn.org.
The North Shore Community College was established in 1965 and is one of the oldest and largest of the fifteen community colleges in Massachusetts operating campuses in Lynn, Beverly, and Danvers,
Please feel free to call or email us for your real estate property search needs.
We have access to an extensive database of detailed listings of all commercial property for sale in the City of Lynn.
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