Girls Inc. to receive financing package for new Holyoke headquarters
January 3, 2023 : The Reminder, Trent Levakis
HOLYOKE – MassDevelopment and PeoplesBank have completed a $2.275 million Financing Package for a new Girls Inc. of the Valley Headquarters and Program Center in a move that looks to support the foundational youth organization for girls in Holyoke.
Girls Inc. recently announced the closing of financing on this MassDevelopment revenue bond for the new program center in Holyoke. PeoplesBank was the purchaser of the bond, continuing the bank’s longtime support of Girls Inc. of the Valley. MassDevelopment enhanced the bond with a $455,000 mortgage insurance guarantee.
“What a powerful statement this makes to the youth we serve – that so many of our leaders on this project, from engineering and design to financing and legal, to construction and capital campaign, are strong, smart and bold women,” said Executive Director of Girls Inc. of the Valley Suzanne Parker.
The newly renovated 16,000 square foot facility will allow the organization to consolidate its programs to one location. It will include a cutting-edge STEM makers’ space, a library, two multipurpose rooms, a teen lounge, a kitchen and dining area and administrative offices.
“We are thrilled to be able to continue our support of Girls Inc. of the Valley and be a part of this exciting project. Their mission is to inspire all girls to be strong, smart and bold by providing them the opportunity to develop and achieve their full potential is one that we embrace as well,” said Senior Vice President of Commercial Banking at PeoplesBank Vicky Crouse.
As the largest community bank in the market, PeoplesBank has the ability to help the communities they serve through volunteer efforts and donations to charitable and civic causes such as this.
PeoplesBank has had a history with Girls Inc. as they already sponsor the group’s “Eureka!” program which addresses the gender gap in STEM fields, in partnership with the University of Massachusetts Amherst. PeoplesBank Senior Vice President of Marketing and Corporate Responsibility Matthew Bannister noted that through PeoplesBank’s specialty niche of providing business banking for nonprofits of all sizes was a key factor that led to their involvement in this deal with Girls Inc.
“As a local, mutual bank, the economic future of the Valley is important to us. Programs that provide opportunities to develop the future leaders of the region are critical, and we believe Girls Inc. of the Valley has a tremendous track record and vision for turning girls into leaders who are strong, smart and bold,” said Bannister.
MassDevelopment, who worked on the financing package for this project, is the state’s development finance agency and land bank. During fiscal year 2022, MassDevelopment financed or managed 356 projects generating investment of more than $1.69 billion in the state economy.
“Girls Inc. has a proven track record of supporting girls in all their academic and social endeavors, while also empowering them to unlock the best version of themselves,” said President and CEO of MassDevelopment Dan Rivera. “We are pleased to partner with PeoplesBank to help this nonprofit purchase a new building in Holyoke to call home.”