MassDevelopment, Mass Growth Capital Introduce TDI Microloan Program for Small Businesses
June 3, 2015
FOR IMMEDIATE RELEASE
MassDevelopment and Massachusetts Growth Capital Corporation have partnered to launch the TDI Microloan Program, which will offer loan products for small businesses in Transformative Development Initiative (TDI) districts. The loans will range from $10,000 to $100,000; have low-interest rates and flexible terms; and can be used for a variety of small-business needs such as start-up costs, inventory, or tenant improvements.
TDI is an integrated systems approach to investment and urban redevelopment within Gateway Cities. Last year, MassDevelopment selected ten TDI districts that will receive enhanced technical support, real-estate services, and equity investments in real estate to support local visions for redevelopment, and to catalyze and leverage investments and economic activities.
“The new TDI Microloan Program will support small businesses since they are the backbone of TDI districts,” said MassDevelopment President and CEO Marty Jones. “To help the TDI districts realize their full potential, MassDevelopment is proud to partner with the Massachusetts Growth Capital to provide small businesses with the resources they need to thrive.”
The TDI Microloan Program will complement the financing capabilities that MassDevelopment offers to businesses, developers, and nonprofits for real estate, equipment, and energy efficiency projects.
“These new loans are a great option for small businesses in cities across the state,” said Mass Growth Capital’s President Larry Andrews. “By combining MassDevelopment and Mass Growth’s unique assets, we can offer support and resources for regional economic growth.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2014, MassDevelopment financed or managed 314 projects generating investment of more than $2.9 billion in the Massachusetts economy. These projects are projected to create more than 6,300 jobs and build or rehabilitate more than 1,600 residential units.
MGCC works to create and preserve jobs at Massachusetts small businesses, women and minority owned businesses, and promotes economic development in underserved, Gateway Cities and low and moderate income communities. MGCC is a central state resource that offers working capital, loan guarantees, and targeted technical assistance to solve specific financial and operational problems for local businesses. MGCC works with traditional financial institutions to make challenging loans bankable, working with community development corporations and other non-profits to provide financing for job-producing projects, and assisting a wide range of small businesses find the growth capital they require. MGCC specifically targets manufacturers that are expanding, other growth sectors, and small businesses in our older Gateway Cities. Since inception, MGCC has assisted more than 224 companies with over 7,500 employees with customized working capital financing commitments totaling over $74,600,000.