[Hidden-tech] Help on way to some flood-affected businesses - FC CDC

[Rich Roth - Webmaster]

*(From Greenfield Recorder - Nov 10, 2011

Help on way to some flood-affected businesses**
Greenfield to give $50K to CDC for loans to small businesses**
By ANITA PHILLIPS***


GREENFIELD --- Some small businesses, which are located in Greenfield, 
Montague, Shelburne and Buckland and were affected by Tropical Storm 
Irene in late August, will soon get some help in the form of a loan, and 
the town has just donated $50,000 toward those efforts.

Mayor William Martin said the town will provide $50,000 in Community 
Development Block Grant money to the Franklin County Community 
Development Corp. to be used for its Four Town Trust Fund, which offers 
loans to small businesses in those four towns.

Block grants, federal Department of Housing and Development money 
funneled through states, are awarded to towns each year for natural 
disasters, low- to moderateincome civic improvement projects or to rid 
the town of slums and blight.

Martin said the money may also be used for start-ups and expansions, but 
hopes that those who suffered loss during Irene will reap most of the 
benefits.

The mayor said the CDC will handle all of the details of each loan, 
including which businesses get one.

"We just wanted to help the CDC raise some capital," said Martin.

The CDC has been raising capital from private and public sources for 
several years to provide "gap" financing to small businesses in 
Greenfield, Montague, Shelburne and Buckland.

The nonprofit has been in business since 1979, providing guidance and 
support to county businesses through training, counseling, lending, 
commercial properties and its processing center.

The CDC also offers other types of loans to businesses throughout the 
county and has provided $8 million for a total of 250 different types of 
loans so far.
**
Loans will be available to businesses in Greenfield, Montague, Shelburne 
and Buckland. The CDC will handle all of the details of each loan, 
including which businesses get one.

Some of the recipients of those loans have included Hope and Olive 
restaurant, Indoor Action Sports, Green Fields Market and The People's 
Pint, all in Greenfield, Hallmark School of Photography in Turners Falls 
and Magic Wings Butterfly Conservatory and Gardens in Deerfield.

The CDC estimates the businesses that have received loans from it have 
created 1,400 jobs in Franklin County thus far.

The types of businesses the nonprofit typically loans money to include 
manufacturing, agriculture, natural resource-based businesses, retail 
and service businesses.

Its loans range from $5,000 to $150,000 and are typically combined with 
other types of financing, including owner equity loans and bank loans. 
It offers loans at between one and two points above prime and they are 
fixed for the term of the loan.

The CDC also provides assistance to borrowers by offering instruction 
groups, workshops and seminars.

For more information about loans, visit the CDC at: www.fccdc.org 
<http://www.fccdc.org>.


-- 
Rich Roth
Hidden-Tech
webmaster/board member
http://www.hidden-tech.net
Sponsor: http://www.thrivesmedia.com

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