BLDC announces interest rate freeze to ease borrowing burden

In an effort to support small businesses during this period of inflation, the Boston Local Development Corporation (BLDC), which provides small business loans with a focus on commercial, industrial, and service companies, will freeze interest rates at 6.75 percent. This comes in response to the most recent rate hike by the federal reserve of 0.75 percent.

Boston Planning & Development Agency Chief of Planning Arthur Jemison congratulated the Board of Trustees and staff of the BLDC for its commitment to Boston’s business community.

“This rate freeze will have a meaningful impact on Boston’s small business community, and those who are just starting their businesses.” said Jemison. “By instituting this proactive, pro-business rate freeze, the BLDC Board and staff continue to exemplify Mayor Wu’s commitment to Boston businesses.”

The BLDC is a private 501(c)(3) non-profit corporation governed by an independent board of trustees. The day to day operation of the program is provided by the BPDA’s Financial Services department.

To learn more or to get started, visit the BLDC website.