METRO WEST DAILY NEWS – In hopes of continuing to strengthen the city’s economy, the Marlborough Economic Development Corporation officially launched its revolving loan fund for new and existing small businesses.
The MEDC Thursday held a kickoff event for the fund, which provides gap financing for prospective business owners to launch new companies and existing entrepreneurs seeking to expand and create jobs. The funds will fill the gap between loans businesses obtain from banks and the total amount they need to launch or grow, said Tim Cummings, MEDC executive director.
“I’m proud to say to date it is live and available for prospective business owners,” Cummings said Friday. “It’s been a long time coming.”
Cummings characterized revolving loan funds as one of the best tools to help small businesses flourish.
“It’s hard to get the amount of money you need to take the next step,” Cummings said of small business owners. “This type of assistance can help bridge the issues that come up.”
Four local banks – Digital Federal Credit Union, St. Mary’s Credit Union, Avidia Bank and Marlborough Savings Bank – and the agency have each pledged $50,000 for the program, said Cummings.
The MEDC has received a few applications thus far and recently approved a loan for Mass Signal Service, a Marlborough-based electrical engineering service. Justin Sheridan, owner of Mass Signal Service, used the loan to purchase a bucket truck that he described as his “business on wheels.”
“The Marlborough revolving loan fund was critical for me as a start-up business owner,” Sheridan said in a press release.
Businesses will be required to pay back their loans as if they are borrowing independently, said Cummings.
Cummings is hopeful the fund can help new small businesses thrive and existing ones flourish, helping to revitalize neighborhoods and increase property values.
For more information on the program or to apply, visit http://staging.marlboroughedc.com/doing-business-in-marlborough/revolving-loan-fund-program.
“We try to make it as easy as possible,” said Cummings. “We want to make it a usable tool that residents will take advantage of.”
This article by Jeff Malachowski originally appeared here.