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AUBURN, Mass. - State Sen. Michael Moore, D-Millbury, recently announced a building partnership between the Blackstone Valley Chamber of Commerce (BVCC), the Central Massachusetts Center for Business and Enterprise (CMCBE), the Massachusetts Growth Capital Corporation (MGCC), among others.
The intent of this effort is to extend lines of credit to small businesses so they can expand and hire new employees.
“The lifeblood of our financial strength and stability remains small businesses,” Moore said. “By giving small business owners the ability to increase their workforce and broaden their consumer base, we’re creating much-needed jobs that didn’t exist before. It’s critical that we think outside the box in finding lending partners for small businesses, particularly at a time when state resources are limited.”
The CMCBE is a non-profit entity within the Blackstone Valley Chamber of Commerce, dedicated to finding alternative funding sources for business development.
The targeted borrower will be new or emerging businesses that have been unable to obtain financing from traditional lending sources.
Prospective partners in this endeavor include Clark University’s Small Business Development Corporation and Graduate School, SCORE, Massachusetts Growth Capital Corporation, The Small Business Administration, USDA, MassDevelopment, Massachusetts Office of Business Development, and other local, state and federal departments and agencies.
Senator Moore worked with the BVCC and the MGCC to lower loan amounts and ease restrictions on businesses with less than 50 employees.
“Without question Senator Mike Moore has been instrumental in making small business loans more readily available,” said Jeannie Hebert, CEO of the BVCC. “Much of the progress we’ve made would not have been possible without Senator Moore’s intervention.”
The BVCC has been a state leader in their alternative lending program, working with a wide array of public and private partners to review and implement small business growth strategies.
“At a time when gap funding is exceptionally difficult to secure, Ms. Hebert has continually achieved small business growth using every possible avenue,” Moore said.
Moore also recently succeeded in removing unwarranted fines against small businesses due to a flawed health care contribution mechanism.
Throughout his first two terms, Moore has worked to reduce health insurance costs for small businesses, freeze the unemployment insurance rate, initiate and complete Brownfields redevelopment projects, promote Gateway Cities business development, require small business regulatory impact statements, and more.
For his efforts, Moore has been recognized by numerous Chambers of Commerce, Community Development Corporations, MA Manufacturing Extension Partnership, the Associated Industries of MA, and others.
Comments (1)
I applaud Senator Moore and Ms. Hebert of the BVCC for coming up with an innovative way for small businesses to grow and flourish, especially without using taxpayer money. There are so many businesses in the area that need only a small loan to expand their business, but have a tough time because lending restrictions are so rigid for start-up or small businesses with lower lines of credit. These micro-loans do the trick perfectly! They fill the void and give businesses the capital or payroll they need to be successful. As they say in business, a great idea is only half the battle, it's how you execute the idea that matters. Senator Mike Moore and Ms. Jeannie Hebert are going above and beyond to help the small business community, and I am truly grateful for it!