Marlborough, MA, June 02, 2015 --(PR.com
)-- The Marlborough City Council approved a $100,000 budget appropriation for the Marlborough Economic Development Corporation (MEDC)'s Revolving Loan Fund Program to support local economic development.
The MEDC plan will be supplemented through an equal public-private partnership with four local banks – St. Mary’s Credit Union, Avidia Bank, Marlborough Savings Bank and Digital Credit Union. Each participating party has so far pledged $50,000, bringing the loan fund’s initial total to $250,000.
The money will provide gap financing for Marlborough companies and entrepreneurs, who wish to grow their businesses and create jobs, while ultimately revitalizing neighborhoods and enhancing property values.
MEDC's Executive Director Tim Cummings and the participating financial institutions spent over 6 months developing the loan fund concept.
“I am grateful the City Council has appropriated funding for this program. I believe it will be a wonderful tool that we as a community can use to help small businesses.”
Executive Vice President of Marlborough Savings Bank Chris Bergland expressed his support for the loan fund at the recent MEDC Founder's Reception.
"It's a great opportunity to bring business to the city. This is a way for us to keep the money in the local business community and help everybody."
For a copy of the letter of support for the proposal submitted to City Council, go to:
The Marlborough Economic Development Corporation (MEDC) is the state chartered economic development corporation for the City of Marlborough, MA and represents a public-private partnership for planning. MEDC works with municipal and private investors to foster economic development, job growth and community revitalization and development.
For a complete overview of MEDC, visit www.MarlboroughEDC.com.