Massachusetts Equitable Developers Fund

The Massachusetts' Equitable Developers Fund (EDF) was established and funded by the Commonwealth of Massachusetts to provide emerging developers early-stage capital and on-going support to build capacity and to develop project pipelines. The Fund offers two financing products (Term Sheet) designed to break down traditional barriers of entry into the real estate development market including:

• Working Capital Lines of Credit - working capital; minimum equity requirements; project specific due diligence expenses, capital for staffing, and leasing and other operating expenses.
• Standby Letter of Credit - Balance sheet support backing construction completion guarantees, operating deficit guarantees, and bonding requirements.

The Fund seeks emerging developers that meet the Equitable Developers Fund Program Guidelines. Loan applications will be accepted from businesses/enterprises that develop and own real estate, referred to as the Developer Entity. Individuals with at least a 30% ownership interest in the Developer Entity are referred to as Controlling Individuals.

Applications will be accepted on an ongoing basis. Loan commitments will be made based on the strength of the developer application and date received. Due to the high response rate anticipated developers are encouraged to submit Eligibility Questionnaires by May 31, 2024.

EDF Loan Application Steps:

1. Complete and submit EDF Initial Eligibility Questionnaire online.
2. EDF staff reviews developer questionnaire responses. Notice of initial eligibility will be emailed within approximately 2 weeks of submission.
3. If eligible, the developer will also receive a link to an online EDF Loan Application.
4. Developer completes and submits the EDF Loan Application online along with required additional documentation (i.e. financial data, organizational documents, etc.).
5. Completed application and all required documentation are due within 4 weeks of receiving the application link.
6. EDF staff reviews submitted materials for completeness and adherence to program underwriting guidelines. If confirmed, the application will be advanced to underwriting.
7. An EDF Underwriter will be assigned to work with the developer and process the loan request. Loans recommended for approval by the Underwriter will be presented to the EDF Review Committee for a final decision.
8. If approved, loans will then move into the closing process. Once in underwriting it is estimated that loans would close within approximately 4 weeks.
9. EDF loan funds are anticipated to be advanced in early Fall 2024.

If a developer is deemed EDF ineligible or does not meet EDF underwriting criteria, the developer will be notified and provided recommendations for additional resources.

Directions:
Eligibility Questionnaires and Loan Applications will be accepted through this online portal only.

If you are interested in applying for Equitable Developers Fund:

1. An EDF Eligibility Questionnaire can be found below.
   Please be sure to answer all questions as accurately as possible.
2. Once complete, click the Submit button.
3. You will receive an email confirmation within 24 hours of submitting the questionnaire.

NOTE: Program eligibility does not guarantee qualification for an EDF loan.

EDF Questionnaire

Enter your email address below and click Start Questionnaire.
Your email is used to track your progress and continue an interrupted Questionnaire.