State Senator Benjamin B. Downing (D-Pittsfield) and State Representative William “Smitty†Pignatelli (D-Lenox) announced today that the state-subsidized Massachusetts Capital Access Program (Mass CAP) has approved two loans to local businesses totaling $83,000: Personal Best, a personal fitness and training entity in Great Barrington ($68,000); and Michael Sciola, professional accountants and tax preparation, located in Pittsfield ($15,000).
“This program helps turn business dreams into reality by providing growing businesses with the resources they need to succeed. Stronger businesses, equals stronger economy and directing our state resources to building our economy is a wise investment,†said Downing.
Mass CAP, administered by the Massachusetts Business Development Corporation, is a state-subsidized program designed to help small businesses secure business loans through local banks. Using cash collateral guarantees for loans up to $500,000 from a loan loss reserve fund, this program enables banks to make loans they might otherwise not be able to finance. Since the start of the program, participating banks have secured over 3,000 new clients and financed Mass CAP loans totaling over $200 million with an average loan of $50,100.
“The backbone of Berkshire County has been with small business and these opportunities are wonderful to increase the economic opportunity here in the Berkshires,†said Pignatelli.
Mass CAP creates loan options for small businesses that fall short of qualifying for more conventional loans. Loans made through this program may be used for many purposes including start-up and expansion costs; real estate purchases; and permanent working capital to ensure continued profitable operations such as equipment purchases, start-up costs, and real estate acquisitions.
Over 50 Massachusetts banks participate in Mass CAP. To view a complete list of participating banks, and to obtain additional information regarding the Capital Access Program and other lending programs please visit: www.mass-business.com.
If you would like to contribute information on this article, contact us at info@iberkshires.com.
Your Comments
iBerkshires.com welcomes critical, respectful dialogue. Name-calling, personal attacks, libel, slander or foul language is not allowed. All comments are reviewed before posting and will be deleted or edited as necessary.
No Comments
Pittsfield Extends Interim School Superintendent Contract
By Brittany PolitoiBerkshires Staff
PITTSFIELD, Mass. — Interim Superintendent Latifah Phillips' employment has been extended to 2027.
Last week, the School Committee approved an employment contract that runs through June 30, 2027. Phillips was originally appointed to a one-year position that began on July 1 and runs through the end of the fiscal year in June 2026.
"You didn't ask me simply to endure challenges or struggle to prove myself. Instead, you believe in me, you've given me the space to grow, the encouragement to stretch, and the expectation that I can truly soar," she said earlier in last Wednesday's meeting when addressing outgoing School Committee members.
"You question, you poke, you prod, but not to tear anything down, but to make our work stronger, grounded in honesty, integrity, and hope. You've entrusted me with meaningful responsibility and welcomed me into the heart of this community. Serving you and leading our public schools has been, thus far, a joyful, renewing chapter in my life, and I want to thank you for this opportunity."
Chair William Cameron reported that the extended contract includes a 3 percent cost-of-living increase in the second year and more specific guidelines for dismissal or disciplinary action.
Phillips was selected out of two other applicants for the position in May. Former Superintendent Joseph Curtis retired at the end of the school year after more than 30 years with the district.
The committee also approved an employment contract with Assistant Superintendent for CTE and Student Support Tammy Gage that runs through June 30, 2031. Cameron reported that there is an adjustment to the contract's first-year salary to account for new "substantive" responsibilities, and the last three years of the contract's pay are open to negotiation.
The middle school restructuring, which was given the green light later that night, and the proposal to rebuild and consolidate Crosby Elementary School and Conte Community School on West Street, have been immediate action items in Phillips' tenure.
A 700-square-foot outdoor water attraction is planned for the 2.1-acre park at 30 John Street. City officials hope to have it operational by summertime.
click for more
Jewish Federation of the Berkshires President Arlene Schiff opened the festivities with a recognition of the victims of Sunday's mass shooting in Australia and praise for a hero who helped stop the killing.
click for more