Community Development Authority (CDA) Business Loan Program
The City of Peabody’s proactive approach to economic development resulted in the establishment of a revolving loan pool of funds administered by the Department of Community Development and Planning and a five member quasi-public Community Development Authority (CDA). The Business Loan Program is a flexible source of loan funds for commercial and industrial projects, the purpose of which is to encourage the creation/retention of quality jobs and to increase the tax base.
The CDA has helped hundreds of applicants retain or expand an existing business and/or help attract desirable new business to the City of Peabody by providing loans for equipment, land and/or site acquisition, construction and redevelopment. The CDA is able to provide below-market, low-interest loans to be used to help bridge the gap between the cash and assets of a business owner and the equity requirements needed to obtain a commercial loan from a bank. The program is designed to provide no more than 20% of a project’s total financing requirements.
Transformative Development Initiative (TDI)
TDI Local Programs
The City of Peabody developed Façade and Signage Design Standards for three sub-districts in Peabody’s Downtown – Main Street, Foster/Walnut Street and Washington Street Corridors in January 2016. With funding through MassDevelopment’s TDI Local Program, the City of Peabody has retained the services of ALX Creative Marketing Agency to assist businesses located in the districts in navigating the design standards and formally submitting a sign or facade permit on behalf of the business entity. Grants up to $1,500 are available for design services.
Lease It Local:
This program aims to activate unused commercial spaces in the Peabody TDI District by matching established creative professionals, entrepreneurs and aspiring businesses owners with landlords of buildings that currently have inactive first floor retail spaces in their real estate portfolios. This program is designed to be simple and flexible and we encourage aspiring business operators, landlords with prospective tenants and tenants with pre-determined locations to apply. Successful applicants will be awarded up to $10,000 in grant money to pay for costs associated with occupying and operating in an inactive space, even on a temporary basis.
Assistant Director of Community Development