May 16, 2008 – Several local banks and the city’s redevelopment authority, Marlborough 2010, have established a new $700,000 development loan fund, which the city hopes will boost the downtown and French Hill neighborhood, officials said.
“In an environment where there is a daily drumbeat of negative news about lending and credit availability, this is a remarkable commitment by the participating financial institutions to provide much needed gap financing for challenging but important projects that will enhance the commercial vitality of the city,” said John Riordan, Marlborough 2010’s executive director, in a press release.
Sovereign Bank, St. Mary’s Credit Union, Middlesex Savings Bank, Marlborough Savings Bank, Avidia Bank, and Marlborough Co-Operative Bank, have all contributed to the fund, the group announced.
— Lisa Kocian
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