Bialecki announces 'Tools to Grow' program in Springfield
Date: 10/22/2012
By G. Michael Dobbs
news@thereminder.comSPRINGFIELD — City businesses poised for growth will have a new opportunity to access financing that might mean the difference in the future of those enterprises.
Secretary of Housing and Economic Development Gregory Bialecki announced the "Tools to Grow" program at the offices of DevelopSpringfield last week.
The new program would allow six Springfield businesses to be selected to participate in the program. The companies would receive both technical assistance and then the opportunity to apply for a loan for up to $250,000.
"We feel this is a better way to provide technical assistance and capital," Bialecki said.
He said the new program, which is part of the Massachusetts Growth Capital Corporation (MGCC), would be aimed at businesses in Springfield that have annual sales of less than $500,000, are committed to staying in the city and are profitable. To qualify, the companies must be nominated and go through an application process with a deadline of Nov. 16.
The selected companies will receive up to $15,000 in customized consulting for the business with the cost split between the company and the MGCC. The result of that consultation could be used to develop a growth strategy that could be funded in part by a loan.
Bialecki acknowledged there are problems for businesses to be successful and problems for companies to reach the next level of success.
"These difficult times present challenges, but growth also presents challenges as well," he said.
The bulk of this pilot program is designated for Springfield, Bialecki explained. There will only be three other slots statewide for other companies to participate.
What led Bialecki and other officials to give Springfield a preference was the post-tornado redevelopment plan.
"Everyone I talk to says this is their plan," Bialecki said of the plan's acceptance and its community development during its formation.
He said the state's initiatives are aligned with the redevelopment plan.
"[Tools to Grow] is one more step in helping to rebuild Springfield," he said.
State Sen. Gale Candaras said there is a "buzz about Springfield" outside of the potential of a casino.
Mayor Domenic Sarno said Bialecki told him "there are a lot of people talking about Springfield — positive things — across the state."
For more information, visit
www.massgcc.com.
