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MEDC launches loan fund for small businesses

WORCESTER TELEGRAM – The Marlboro Economic Development Corp. has launched a revolving loan fund program aimed at supporting local economic development.

The Marlboro Area Community Loan Fund provides gap financing for local companies and entrepreneurs who wish to grow their businesses and create jobs, while revitalizing neighborhoods and enhancing property values.

“The Marlboro revolving loan fund was critical for me as a startup business owner,” said Justin Sheridan, owner of Mass Signal Service. The Marlboro-based electrical engineering services company was the fund’s first beneficiary.

“With this program I purchased my first bucket truck,” Mr. Sheridan said. “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.”

MEDC Executive Director Tim Cummings, who spearheaded the fund creation, said he was very happy that small-business owners and bank representatives attending the official kickoff last week expressed genuine interest in being involved with the loan fund program.

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.

To apply for a loan or learn more, visit http://bit.ly/1noH7GG or contact Meredith Harris, Business Outreach manager, at mharris@marlboroughedc.com or 508-229-2010.

This article originally appeared here.