Southeastern Mass. Human Services Organization Lifestream Receives $250,000 MassDevelopment Loan to Upgrade Technology
December 22, 2014
FOR IMMEDIATE RELEASE
MassDevelopment has awarded a $250,000 TechDollars Loan to LifeStream Inc., which will use the proceeds for the purchase and implementation of a Kronos time and attendance system, a Voice Over Internet Protocol (VOIP) phone system, and other computer hardware and software upgrades.
LifeStream provides a wide range of programs and services that enrich the lives and productivity of adults facing significant barriers to personal growth and financial independence, including residential and day programs; employment and training services; and more.
“Lifestream has benefitted so many in Southeastern Massachusetts through its programs, and MassDevelopment is proud to provide Lifestream with the means to make its work more efficient,” said Marty Jones, President and CEO of MassDevelopment. “While large companies take advanced payroll and phone systems for granted, many non-profit organizations are saddled with outdated technologies due to substantial initial expenses for upgrades. Organizations like Lifestream are exactly why we started the TechDollars program: to help nonprofits access vital technologies that they otherwise could not afford.”
“MassDevelopment and LifeStream have formed a great partnership since June 2013 which continues to evolve with the recent completion of a $250,000 technology loan,” said John Latawiec, President and CEO of LifeStream. “This loan, coupled with a $3.5 million bond issuance from last year, has provided LifeStream with the financial flexibility critical to meeting our short- and long-term financial goals.”
Founded in 1976 as New Bedford Harbor Services by a group of concerned parents seeking better care for their adult children with intellectual disabilities and physical disabilities, LifeStream has grown to become one of the premier non-profit human services organizations in Southeastern Massachusetts, with financial support from local and state agencies.
MassDevelopment offers TechDollars as a special loan program to help non-profit 501(c)(3) organizations purchase and install technology equipment. TechDollars offers:
- Loans from $25,000 to $250,000
- 100% of cost of purchase of new or used telecommunications and information technology equipment; software; and related installation costs
To be eligible for TechDollars financing:
- Borrower must be a Massachusetts 501(c)(3) organization
- Equipment purchased must be installed in facilities located in Massachusetts
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.