The Ayer Industrial Development Financing Authority (IDFA), a five member board of local Ayer business men, promotes a healthy local economy and strong employment levels through the creation, retention and expansion of industrial and commercial businesses in Ayer. To achieve these goals the IDFA oversees a $1.5 million revolving fund primarily utilized for gap financing to assist business development in the community. The IDFA also finances worthy community-based projects that create or retain jobs and invests in needed infrastructure improvements to strengthen local business districts. See IDFA sheet link to view entire program.
Here are the Economic Development tools available through the IDFA:
Permanent Working Capital – loans from $25,000 to $200,000 - fixed rate for five years up to 50% of project cost
Business Development Gap – to purchase or improve fixed assets - $25,000 to $200,000 15 years/ adjustable rate
Microcapital Loan – especially for new businesses - $5,000 to $25,000 80% of project cost - one to five year note
Sign and Façade – to improve the exterior of business properties - $5000 to $10,000 - Interest Free - 1 to 5 years