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Jobs for New England Procedures + Requirements

Through Jobs for New England (JNE), members are eligible to receive up to $250,000* in interest-rate subsidy in 2024. Advances are offered at a rate of 0% with terms of one to 10 years. Members may charge their normal spread to the borrowers.

​​​​​Important Dates/Times

  • February 14, 2024: Informational webinar at 10:00 a.m. and application portal opens to draft applications.
  • March 6, 2024: Funding release with applications accepted beginning at 9:00 a.m.
  • May 8, 2024: Second funding release
  • July 10, 2024: Third funding release
  • September 11, 2024: Fourth funding release
  • December 20, 2024: Application deadline at 3:00 p.m.
  • December 31 2024: Disbursement deadline at 12:00 p.m.

​​​​​Application and Funding Requests

Members using JNE may apply for program funds either in the full amount or through multiple requests. Projects must utilize a minimum of $5,000 in interest-rate subsidy to be eligible and small business loans must be made to New England businesses. Funds are available on a first-come, first-served basis. *See the FAQs for member subsidy limits. Subsidy caps vary by date.

To request funds, members will submit a JNE project application for each loan that identifies the borrower and specifies the terms of the loan including the interest rate, term, and what the loan proceeds will be used for. Members can use this calculator to assist with pricing before applying.

  • Take-Down and Disbursement: Following FHLBank Boston approval of a JNE project, members will be provided with simple instructions to take down the JNE advance. Disbursements must be made within 90 days of the member request or by December 31, 2024, whichever is earlier. 
  • Reporting Requirements: Members are required to supply a copy of the promissory note within one month of JNE funds being disbursed. As part of this submission, members 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.​

Overview

Get the basics about JNE here.

Need More Info?

Find more details about JNE in the Frequently Asked Questions.

Contact

Have questions about JNE? Contact Michael Pingpank.

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