New Bedford Economic Development Council celebrates U.S. Small Business loan
NEW BEDFORD — The New Bedford Economic Development Council on Tuesday received a $750,000 low-interest loan from the U.S. Small Business Administration to recapitalize the council’s lending program.
Rep. Barney Frank and Robert Nelson, district director of the SBA’s Massachusetts office, joined NBEDC Executive Director Matthew Morrissey and Mayor Scott W. Lang at City Hall Tuesday morning for a ceremonial check presentation.
“The federal government is now providing the funding which will, in turn, be lent to local businesses,” said Frank. “There is nothing more important to us right now than getting jobs back into the economy.”
The SBA funds will be used to finance microloans of $35,000 or less to small businesses.
Since the beginning of 2007, the NBEDC has provided about $4.8 million in low-interest financing to local businesses such as the new Marriott Fairfield Inn and Suites and No Problemo, according to Morrissey.
“Job by job, little loan by little loan, it makes a tremendous difference in the lives of people,” he said.
September 28, 2010 3:46 PM