$172,000 in Marlborough Area Community Loans help kick start local businesses
Marlborough, MASS. March 23, 2018 – The Marlborough Area Community Loan Fund, also known as the Marlborough Revolving Loan Fund (RLF), has lent $172,000 to local businesses since its inception in 2015. This has helped create 43 new and retain eight existing jobs, fill 18,400 square feet of vacant commercial space, launch three new businesses, expand one local eatery and attract another growing business to the city.
The Marlborough Economic Development Corporation (MEDC), which created and funded the RLF through an equal public-private partnership with four local banks – Main Street Bank, Avidia Bank, St. Mary’s Credit Union and Digital Federal Credit Union (DCU) –celebrated the fund’s successes during its quarterly committee meeting, held at O’Hearn’s Tavern today. The RLF program’s goal is to provide gap financing for local companies and entrepreneurs who wish to grow their businesses and create jobs, while ultimately revitalizing neighborhoods and enhancing property values.
Tiffany and Tracy O’Hearn, owners of O’Hearn’s Tavern and the fund’s latest beneficiaries, got $50,000 in operating capital, which they used to open their new business in December 2017, revitalizing a 2,400 square-foot commercial space and creating 11 new jobs.
Priyanka Joshi, the owner of Kiddie Time Educational Child Care, received a $30,000 RLF loan and created 20 new jobs when she opened her new 6,000-square-foot childcare facility in Marlborough in April 2017.
Justin Sheridan, owner of Marlborough-based electrical engineering services company Mass Signal Service and the RLF’s first beneficiary, got a $2,000 loan to launch his business at the end of 2015.
Fox Ballroom, a dance studio originally based in Franklin, MA, relocated in July 2017 to a larger 5,000-square-foot space in Marlborough and created five new jobs, thanks to a $10,000 RLF loan.
With a $80,000 loan through the fund, Marlborough-based deli Big Apple Restaurant was also able to increase its existing size to 5,000 SF, hire five new employees and purchase new equipment for its expansion.
The RLF currently totals $250,000, with each partner organization committing $50,000 as either payment or a donation. MEDC Executive Director Meredith Harris says she is hoping that the fund’s success stories will help generate interest from other area banks to get involved in a second round of funding.
“It is clear that this fund is not only creating jobs, filling commercial spaces and expanding Marlborough’s economy, but also helping local entrepreneurs and small business owners fulfil their dreams of starting or growing their own companies,” Harris says. “We, along with our financial partners, are excited to continue supporting our community through the revolving loan fund, and we hope to be able to expand our funding in the near future, so we can help more local dreams come true.”
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For high-res images of RLF beneficiaries receiving a cheque at today’s meeting, go here.
About MEDC Economic Development Toolbox:
The MEDC Economic Development Toolbox provides small business owners and entrepreneurs with the financial resources they need to start, expand, or improve their businesses in Marlborough, MA. The programs defray cost through gap financing, tax reimbursements, rental assistance, beautification grants, and amenities funding.
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.
For a complete overview of MEDC, visit MarlboroughEDC.com.
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