The Lowell Development & Financial

The Lowell Development and Financial Corporation (LDFC) is a non-profit development corporation created in 1975 to assist in the economic revitalization of Lowell. Local banks and the state provided seed money to establish the LDFC. Nine banks pledged 1/20 of one percent of their local deposits to purchase non-earning stock in the corporation and the Center City Committee, Inc. contributed $50,000. This initial capitalization resulted in $350,000 being made available over a two-year period to create a revolving loan program. The LDFC was formally established with the passage of Chapter 844, of the Acts of the General Court of Massachusetts. An 11 member executive committee and multiple subcommittees manage various loan pools including a First Time Homebuyer Downpayment Assistance Program, and a Downtown Venture Fund. Most recently the LDFC launched two new programs: the Launch in Lowell program, assisting start-up businesses associated with LowellMakes and the EforAll Accelerator program; and the Incubator Loan Fund, providing loans to entrepreneurs affiliated with the UMass Lowell Innovation Hub or M2D2 programs.