Jobs for New England Member Frequently Asked Questions

Jobs for New England (JNE) is an interest-rate subsidy program designed to enhance our members’ economic development lending activities. The subsidy is used to write down interest rates to 0% on Classic Advances that finance qualifying loans to small businesses located in New England with a focus to create or preserve jobs in New England communities.

The JNE application portal opens February 11, 2025 and closes December 19, 2025, at 3:00 p.m. JNE advances are requested on a per-project basis. Members may submit multiple requests. Funds will be allocated on a first-come, first-served basis. The JNE program does not maintain a waiting list. Applications may only be submitted if the funding pool has sufficient subsidy to match the applicant’s request. The first of four planned funding releases is March 5, 2025 at 9:00 a.m.

Upon approval, JNE Advances must be disbursed within 90 days or by March 3, 2026, whichever is sooner.

Members will be subject to the Bank’s standard prepayment fee in the event they choose to prepay the JNE advance. However, fees for prepaid JNE Advances will be net of any unamortized subsidy on the advance.

JNE provides 0% rate Classic Advances (principal paid at maturity) to members in terms from one- through 10-year maturities to support eligible small businesses in New England.

JNE may be used to support a member’s long-term, fixed-rate financing for major fixed assets that promote business growth and job creation. Working capital, inventory, and lines of credit are not permitted, nor are loans supporting passive or speculative activities. Eligible businesses must meet SBA size guidelines. Note: Real estate may be purchased through JNE provided any space leased to an unaffiliated entity is ancillary to the primary goal of supporting the applicant’s growth and/or stability.

Applications are considered on a first-come, first-served basis in this round. The subsidy represents the present value of FHLBank Boston’s cost to fund the 0% rate JNE Advance. JNE Advances may be requested through multiple project requests, provided that the aggregate subsidy allocated to all projects of a single member funded does not exceed the current member subsidy cap for the funding round.

The JNE subsidy pool will be funded with $2.5 million on March 5, 2025 to open the round. Additional subsidy will be added on May 7, July 9, and September 10, 2025. Any unused or returned subsidy from the program year will also be added back to the funding pool. JNE funds are limited by a member cap on total interest-rate subsidy for the program year. A cap of $100,000 will be in place for the first funding release (March 5, 2025). The cap will increase to an annual total of $150,000 on May 7 and to $250,000 on July 9 through the end of the program year.

NEW FOR 2025: Members with undisbursed funding approvals may request a change in the advance principal and/or term, as well as an increase in subsidy. Subsidy increases will be subject to the current member caps for the round and funding availability in the pool. These modification requests must be made through the online Community Lending portal by the member and cannot be requested via email or phone. The Member Funding Desk will no longer have the ability to add subsidy to a pending disbursement. All changes in subsidy must be requested via the online portal and approved by the Bank prior to the disbursement. Modifications to approved/undisbursed awards may be requested at any time and will be subject to the same first-come, first-served policy as new application submissions.

Members must submit individual project application(s) on behalf of eligible borrower(s) by logging in to FHLBank Boston’s Community Lending website at housing.fhlbboston.com. New online users can easily create an account at this site. Please note that new account access approval may take up to 48 hours. Applications will be reviewed by FHLBank Boston within three business days. Members will have the sooner of 90 days to request disbursement of funds from approved applications, or by March 3, 2026. Members must call the Member Funding Desk at 1-800-357-3452 to request JNE advance disbursement(s). Small business loans funded by JNE advances must meet at least one of the requirements noted on this page.

The advances provided by FHLBank Boston for JNE empower you to offer business loans at below-market rates with spreads comparable to your other loans. The spread cannot be greater than the spread normally charged for a loan of comparable risk and term. For example, a borrower seeking a $450,000 loan for a five-year term was quoted a rate of 7.25% if it was based on funding with a five-year Classic Advance. This rate included a member cost of funds of 4.50% and a spread of 275 basis points. With the JNE program, the member would be advanced the funds at 0%, and the borrower would now be given a rate of 2.75% for the five-year term. This example would utilize $89,771 of the member’s allocated subsidy and pass the interest rate savings through to the borrower.​ Members may also utilize JNE funding through a blended rate to the customer or to provide a short-term low introductory rate with a market conversion. Please contact the Housing and Community Investment team to discuss how JNE funding can work with your loans.

​No. Nonprofits are not eligible for JNE Advances. Your borrower must qualify as a small business, as defined by the Small Business Act (15 U.S.C. 632(a)) and implemented by the SBA under 13 CFR part 120 504, or any successor provisions.

Yes. Members may use JNE funds to capitalize a small business loan fund administered by a CDFI or other quasi-financial intermediary, provided the end loan made to the small business meets the general requirements of the JNE program. This includes meeting at least one of the Job Opportunity & Retention or Economic Development criteria, spread over JNE funds, and reporting requirements. Please contact the Housing and Community Investment team prior to submitting an application to discuss how JNE funding can work with a CDFI. (Note: Members may also consider applying for a CDFI Advance to provide discounted funding to eligible New England-based certified CDFIs.)

Yes. Refinance transactions are eligible for JNE financing if the refinance meets program requirements. The new loan must be at least 115% of the refinanced loan amount and proceeds must be reinvested back into the business. The new interest rate must be lower than the original rate and comply with other pricing terms of the JNE program. A minimum of 85% of the funds being refinanced must also have originated from expenses that would have been deemed eligible for JNE funding.

JNE project applications (potential borrowers or loans) are reviewed and approved based on the extent to which they satisfy program eligibility and interest spread requirements. Members will receive a notification of approval or a request for additional information within three business days of FHLBank Boston’s receipt of an application.

Yes. We will ask members to supply a copy of the promissory note within 30 days following JNE funds being disbursed. As part of this submission, members will complete a short, one-time online report describing how the funds were used and demonstrating that the spread did not exceed the member’s typical spread for a loan of comparable risk and term.