Lynn Nonprofit Centerboard Buys, Renovates Headquarters With MassDevelopment Loan
May 5, 2014
FOR IMMEDIATE RELEASE
MassDevelopment has provided a $1,125,000 loan to Centerboard Inc., a nonprofit that works to revitalize Lynn through multiple community-service programs. Centerboard is using loan proceeds to purchase and renovate its current headquarters at 16 City Hall Square and expects to create 20 jobs as a result of the project.
“Centerboard’s commitment to Lynn is leading rejuvenation efforts and creating jobs in this vital Gateway City,” said MassDevelopment President and CEO Marty Jones. “We are pleased to provide Centerboard with this low-cost financing so the organization can buy its home, upgrade its facilities, and devote more resources to strengthening Lynn.”
Centerboard was founded in 1987 as Serving People in Need (SPIN), with the mission of helping Lynn's homeless population. In 2011, SPIN became Centerboard, named after the movable keel that allows a sailboat to operate faster and with more maneuverability despite winds and water depth. Centerboard's mission is to revitalize Lynn by developing innovative ways to solve problems and act on those ideas to create the largest possible impact. Today, Centerboard provides eight different types of transitional assistance to the community of Lynn, including support to single teen mothers; residences for children under the care of the Department of Children and Families; and housing and job training for recent immigrants. Centerboard also has an arts division to bring the community together by offering unique arts and culture opportunities for children and adults.
“We cannot thank MassDevelopment enough for this opportunity,” said Centerboard CEO Mark DeJoie. “Owning the building will give us the stability to grow our programming that will help increase the quality of life for people in Lynn.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2013, MassDevelopment financed or managed 350 projects generating investment of more than $2.4 billion in the Massachusetts economy. These projects are projected to create more than 7,000 jobs and build or rehabilitate 800 residential units.