YMCA of Greater Springfield to Use $400K MassDevelopment Loan for Building Repairs
April 29, 2015
FOR IMMEDIATE RELEASE
MassDevelopment has issued a $400,000 loan to the YMCA of Greater Springfield, Inc., which used the funds to make upgrades and repairs to its Downtown Springfield Family Center.
The loan underscores the commitment from the organization's Board of Directors and the City of Springfield to revitalizing this Y, which provides vital programs and services for an underserved, low-income population as well as the downtown Springfield business community. The YMCA of Greater Springfield also received a $50,000 grant from the City of Springfield and a rebate from the local electric company.
“Through its extensive community partnerships, the YMCA of Greater Springfield provides empowering health and educational programs for citizens across the Pioneer Valley,” said Marty Jones, MassDevelopment President and CEO. “MassDevelopment is pleased to partner with the Y as it makes needed repairs so it can continue to offer its valuable programs and services.”
The YMCA of Greater Springfield was established in 1852, making it the second-oldest YMCA in the country and the third-oldest in North America. Serving 14 cities and towns with 115,000 members and participants each year, the YMCA of Greater Springfield is dedicated to programs for youth development, healthy living, and social responsibility.
“I could not be more grateful for the longstanding support that MassDevelopment has shown to the YMCA of Greater Springfield,” says Kirk Smith, President & CEO, YMCA of Greater Springfield. “As proven partners in our mission to support the youth, teens, families and seniors in our community, their generosity has enabled us to make significant upgrades to our facility that will enable us to better serve our community.”
MassDevelopment also recently issued bonds for Old Colony YMCA and YMCA Southcoast.
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.