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.
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Housing Secretary Edward Augustus cuts the ribbon at The First on Thursday with housing officials and Mayor Peter Marchetti, state Sen. Paul Mark and state Rep. Tricia Farley-Bouvier.
PITTSFIELD, Mass. — The holidays are here and several community members are celebrating it with the opening of two affordable housing initiatives.
"This is a day to celebrate," Hearthway CEO Eileen Peltier said during the ribbon-cutting on Thursday.
The celebration was for nearly 40 supportive permanent housing units; nine at "The First" located within the Zion Lutheran Church, and 28 on West Housatonic Street. A ceremony was held in the new Housing Resource Center on First Street, which was funded by the American Rescue Plan Act.
The apartments will be leased out by Hearthway, with ServiceNet as a partner.
The First Street location has nine studio apartments that are about 300 square feet and has a large community center. The West Housatonic Street location will have 28 studio units that range between 300 to 350 square feet. All units can be adapted to be ADA accessible.
The West Housatonic location is still under construction with the hope to have it completed by the middle of January, said Chris Wilett, Hearthway development associate.
Prior to the ribbon-cutting, public officials and community resource personnel were able to tour the two new permanent supported housing projects — West Housatonic Apartments and The First Street Apartments and Housing Resource Center.
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Kyzer and Cali are both poodles. Kyzer is the male and is 7 years old, and a little bigger than his sister Cali, who is a miniature of Kyzer and 8 years old.
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