BDA Business Loan Program

Business Loan Program

PURPOSE: The purpose of the Bridgeport Development Authority's Loan Program is to strategically promote, develop, and encourage all kinds of business activity within the City of Bridgeport to enhance business districts and to create jobs all for the purpose of improving the appearance, vibrancy and tax base of the community.

PROCESS: An individual interested in seeking consideration for participation in the loan program should contact the City of Bridgeport Community Development Director, Randy Spellman, at 304-842-8218. If he determines that the individual's proposal meets the basic criteria of the program, the individual must make formal application to the BDA for review. Once the BDA determines that the application meets its objections and is viable, the application is submitted for funding consideration to the Bridgeport City Council. Once the City Council approves funding, the loan is extended and managed by the BDA.

CRITERION THAT WILL BE CONSIDERED:

  • The business activity which will be primarily impacted by the BDA Loan financing mush be located within the City of Bridgeport.
  • All loans must be secured if possible.
  • All loans are contingent upon the nature and degree of the firm financial commitment from non-City funding sources.
  • The BDA requires the leverage of the greatest level of private funds possible. At least 50% of the financing of a project shall be provided from non-city funds.
  • Generally, financing needs will be viewed on a "but for" standard i.e., "but for the below-marketing financing or grant, the project would not be feasible.
  • The loans can serve as "gap" or "subsidy" financing.
  • Must demonstrate the creation of new employment opportunities through the expansion of existing or the creation of new businesses or the retention of existing employment opportunities in the City of Bridgeport.
  • Demonstrate that the enterprise will increase taxable value of property and tax revenue to the City of Bridgeport.
  • Provide essential services or businesses lacking in the neighborhood or community.
  • Improve the appearance and increased business activity in the project area.
  • Loan proceeds may be used for any justifiable business purpose including, but not limited to purchase of inventory, furniture, fixtures and equipment; acquisition of real property; new construction and purchase of capital equipment; renovations and/or additions to facilities; and working capital.