Jobs for New England Procedures + Requirements
Through Traditional Jobs for New England (JNE), members are eligible to receive up to $200,000* in interest-rate subsidy. Advances are offered at a rate of 0% with terms of one to 10 years. Members may charge their normal spread to the borrowers.
- February 8, 2022: Informational Webinar at 10:00 a.m.
- February 16, 2022: Round opens at 9:00 a.m.
- April 13, 2022: Additional funding added to JNE subsidy pool
- June 15, 2022: Additional funding added to JNE subsidy pool
- August 17, 2022: Additional funding added to JNE subsidy pool (* A per-member JNE subsidy limit of $100,000 was established for this funding round, which includes previous amounts committed to each member. For this funding round, any member who has reached the $100,000 limit is not eligible to participate.)
- November 16, 2022: Application deadline
Application and Funding Requests
Members using Traditional 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.
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 Traditional 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 30, 2022, 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.