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MEDC launches small business community loan fund

METRO WEST DAILY NEWS – The Marlborough Economic Development Corporation launched the Marlborough Area Community Loan Fund, a revolving loan fund program for supporting local economic development.

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.

“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, 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 to learn more information about the Marlborough Area Community Loan Fund, visit marlboroughedc.com or contact: 508-229-2010; mharris@marlboroughedc.com.

This article originally appeared here.