Fall River agency loans $4.3M to save, create jobs
THE FALL RIVER OFFICE OF ECONOMIC DEVELOPMENT made $4.3 million in loans in 2011, helping more than two dozen businesses retain and create more than 500 jobs.
By PBN Staff
FALL RIVER – Thanks to 31 low-interest loans made by the Fall River Office of Economic Development program in 2011, 385 jobs were retained and 150 created, according to the FROED.
The loans, the most recent installment of a program founded by the FROED in 1978, are designed to fill gaps left by private and public debt. This year’s loans totaled $4.3 million.
“Often times banks are unable to finance 100 percent of a new project, offering 75 percent to 80 percent of the required funds,” said FROED President Paul Medeiros in a news release. “FROED is often able to fill this gap to allow businesses to move forward, in turn retaining and creating much-needed jobs. In other instances, the project does not meet bank underwriting criteria and FROED is willing to work with these businesses where conventional lenders will not.”
HealthFirst Family Care Center created 30 jobs as a result of the $250,000 loan it received from the program in 2011, the largest number of any of the participants, while retaining 75 jobs from the capital infusion.
Companies receiving loans with the amounts financed included: