WORCESTER BUSINESS JOURNAL – The Marlborough Economic Development Corporation (MEDC) has launched the Marlborough Area Community Loan Fund aimed at supporting local economic development through lending to small businesses.
The program provides gap financing — the difference between funding from a private lender and what is actually required for their business needs — for local companies and entrepreneurs who wish to grow their businesses and create jobs, according to the MEDC. It is a collection of money that can be borrowed by businesses and through repayments is perpetuated for other businesses to borrow.
The program is funded through an equal public-private partnership between the city and four local banks — St. Mary’s Credit Union, Avidia Bank, Marlborough Savings Bank and Digital Federal Credit Union. Funds are used exclusively for the development and expansion of businesses in Marlborough.
Even with additional large businesses coming to the area, small businesses and entrepreneurs are still the fabric of the community, and therefore financial support at the smaller level is essential, MEDC Executive Director Tim Cummings said in a statement.
More information on the loan fund is available online.
This article by Sam Bonacci originally appeared here.