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Jobs for New England – Program Details

The Federal Home Loan Bank of Boston's Jobs for New England Program is a three-year,
$15 million subsidy program dedicated to supporting job growth and economic development throughout New England. The subsidy, funded by the Bank's earnings, will be used to write down interest rates to zero percent on Classic Advances that finance qualifying loans to small businesses. The Program will provide a total of up to $5 million per year in interest-rate subsidies to members through 2018 on a first-come, first-served basis. The maximum interest subsidy available per member is $250,000 of per year. Jobs for New England advances will not be subject to any prepayment fees.

Eligibility
Jobs for New England-funded advances must support small businesses in New England that create and/or retain jobs, or otherwise contribute to overall economic development activities. Examples include using funds to support the working capital, expansion, or financing needs of a small business.

A borrower must qualify as a small business, as defined by the Small Business Act (15 U.S.C. 632(a)) and implemented by the Small Business Administration under 13 CFR part 120 504, or any successor provisions.

Members will be required to submit an online application demonstrating that the small business loan will be used to meet one of these requirements:

Category

Eligibility Requirements


Job Opportunity
& Retention


  • Create at least one job for every $25,000 of program funds disbursed (estimate of total number of potential jobs is required in the application); and/or

  • Demonstrate that jobs would be lost in the community if the loan were not made (description of how jobs will be retained is required in the application).

Economic Development

  • Improve, diversify, or stabilize the economy of a community;

  • Stimulate other business development;

  • Revitalize a business district or community with a written revitalization plan;

  • Expand a small business owned and controlled by women, veterans, or minorities; or

  • Modernize or upgrade facilities to meet health, safety, and environmental requirements.

Leverage Potential
Members can utilize Jobs for New England funds to write down the interest rate of Classic advances for initiatives that meet the above eligibility requirements. This chart is an example of how the Program subsidy can be leveraged fully by a member to support job creation, retention, and economic development.

JNE Subsidy

1-Year Advance

3-Year Advance

5-Year Advance

10-Year Advance

$250,000

$30,000,000

$6,500,000

$3,000,000

$1,100,000

Note: the interest rate used to calculate these potential advances is for illustration purposes only and may change at any time.

Application
Members apply online for Jobs for New England funding. The Bank will notify members of the status of an application and with requests for additional information within three business days.

Limits
Jobs for New England advances are available on a first-come, first-served basis, with a maximum annual limit of $250,000 in subsidy per member. Members will be updated regularly on the availability of funds.

Available Products and Maturities
Jobs for New England advances are available to members as zero-percent Classic Advances with maturities of one to 10 years. Additional terms may be available upon request. Members may apply for Program funds either in the full amount or through multiple requests.

Take-Down and Disbursement
Taking down an advance for Jobs for New England is simple. Once the Program application is approved, members can request the disbursement of funds following the instructions that will be provided upon approval. Disbursements must occur within 90 calendar days following approval.

Expirations
The 2016 Jobs for New England application and approved (but not previously disbursed) funds expire on December 31, 2016. Demand may result in full disbursement of the Program's subsidy prior to year-end. Any subsidy unused by December 31, 2016 cannot be carried over into the following year.

Reporting Requirements
Applications approved under the Program are subject to the Bank's reporting requirements. Using the Bank's online system, members are required to report on the actual use of the Jobs for New England funds, including how the eligibility criteria were met, specific loan data, spread charged, and the rationale for the spread charged over the zero-percent advance rate. This report will be required by the one-year anniversary of the disbursement of each advance.


Contact
For more information, please contact your relationship manager or a Jobs for New England program manager today.

JNE LogoFatima Razzaq
Community Investment Manager
617-425-9564
fatima.razzaq@fhlbboston.com

Ken Willis
First VP, Director of Housing
and Community Investment

617-292-9631
kenneth.willis@fhlbboston.com

 
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