BLDC announces interest rate freeze to ease borrowing burden

Aug 05, 2022

In an effort to support small businesses during this period of inflation, the Boston Local Development Corporation (BLDC), which provides small business loans with a focus on commercial, industrial and service companies, will freeze interest rates at 6.75 percent. This comes in response to the most recent rate hike by the federal reserve of 0.75 percent.

Chief of Planning Arthur Jemison congratulated the Board of Trustees and staff of the BLDC for its commitment to Boston’s business community.

"This rate freeze will have a meaningful impact on Boston’s small business community, and those who are just starting their businesses.” said Jemison. “By instituting this proactive, pro-business rate freeze, the BLDC Board and staff continue to exemplify Mayor Wu’s commitment to Boston businesses.”

The BLDC is a private 501(c)(3) non-profit corporation governed by an independent board of trustees. The day to day operation of the program is provided by the Boston Planning & Development Agency’s Financial Services department.

For additional information on the BLDC or if you want to begin the application process, visit the BLDC website at bostonbusinessloans.org/bldc.