Marlborough’s first-of-its-kind gap financing program to support local economic development
Marlborough, MASS. January 22, 2016 – The Marlborough Economic Development Corporation (MEDC) has launched the Marlborough Area Community Loan Fund—a revolving loan fund (RLF) program aimed at supporting local economic development.
The MEDC introduced this first-of-its-kind local gap financing measure to about 50 members of the Marlborough business community during an official kick-off event at Welly’s Restaurant last night.
The RLF provides gap financing for local companies and entrepreneurs, who wish to grow their businesses and create jobs, while ultimately revitalizing neighborhoods and enhancing property values. The program is funded through an equal public-private partnership with four local banks – St. Mary’s Credit Union, Avidia Bank, Marlborough Savings Bank and Digital Federal Credit Union.
MEDC Executive Director Tim Cummings, who spearheaded the fund creation, spent much of last year developing the concept. He said he was very happy that a number of the small business owners and bank representatives attending last night’s event expressed genuine interest in being involved with the loan fund program.
“We’ve been bringing a lot of big businesses to the city in recent years, but we certainly have not forgotten the small players, who are the fabric of our local economy,” said Cummings. “I am grateful to the City Council and our financial partners for funding this program. I believe it is a wonderful tool that we as a community can use to help our small businesses grow and flourish alongside the big corporations.”
“The Marlborough revolving loan fund was critical for me as a start-up business owner,” said Justin Sheridan, owner of Marlborough-based electrical engineering services company Mass Signal Service, which is the RLF’s first beneficiary. “With this program I purchased my first bucket truck. This is pretty much my business on wheels. All of my daily operations require the use of this truck. Mass Signal Service LLC would not be possible were it not for the staff at MEDC and everyone that contributed.”
“It’s a great opportunity to bring business to the city,” said Chris Bergland, Executive Vice President of Commercial Lending at Marlborough Savings Bank. “This is a way for us to keep the money in the local business community and help everybody.”
To apply for a loan or get more information about the Marlborough Area Community Loan Fund, visithttp://marlboroughedc.com/doing-business-in-marlborough/revolving-loan-fund-program/ or contact:
Business Outreach Manager
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For images of the RLF launch event, go to:https://www.dropbox.com/sh/v59uud7k1j4cil5/AACrotCPlw_rhDZOHnEoq7QVa?dl=0
The Marlborough Economic Development Corporation (MEDC) is the state chartered economic development corporation for the City of Marlborough, MA and represents a public-private partnership for planning. MEDC works with municipal and private investors to foster economic development, job growth and community revitalization and development.
For a complete overview of MEDC, visit www.MarlboroughEDC.com.