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Banking Executive Larry Andrews Named New President of SBANE Member Mass Growth Capital Corporation

Andrews brings 30 years of financial experience to small business lending agency; Grigsby completes four years of service

(Boston, MA) - The Massachusetts Growth Capital Corporation (MGCC) has named Larry Andrews as their new President & CEO. Andrews brings significant private sector experience to MGCC, primarily working on the commercial side of several banks while maintain strong ties to the community. Andrews, who began serving in mid-October, replaces outgoing President Chuck Grigsby.

"Larry hits the ground running. He brings an exceptional level of financial experience and his deep understanding of lending will help MGCC continue to support local small businesses across the Commonwealth," said Housing and Economic Development Secretary Greg Bialecki, who serves as Chair of MGCC’s Board of Directors.

MGCC works to create and preserve jobs in Massachusetts by providing financing and management assistance to small businesses with specific emphasis on businesses located in Gateway Cities, minority and women owned businesses that may not be able to access working capital from traditional sources.

"It’s a privilege to work alongside talented professionals who work hard to support small businesses across the state. The team here has built a very credible lending record with a strong portfolio,” said Andrews. “I look forward to leading MGCC and continuing to improve the public/private partnerships that work throughout the Commonwealth."

In addition to loans and lines of credit, MGCC also supports local organizations that provide technical advice and financial assistance to employers in their regions. Board member Joe Kriesberg, President of the MA Association of Community Development Corporations said, "Larry sees the whole picture, and will continue important collaborations between community-based organizations and small businesses aiming for growth."

Andrews received a Masters of Business Administration from Bentley University, a B.S. in Economics from Gordon College, and is a graduate of the American Banking Association Stonier School of Banking at the University of Delaware. He is involved in a variety of community and professional activities, including work with the Wakefield Chamber of Commerce, Massachusetts Bankers Association, and the Smaller Business Association of New England, as well as serving on a variety of non-profit boards.

Outgoing President Chuck Grigsby had served for the past four years and stepped down this month. "We've achieved terrific results over the past few years and it’s encouraging that the Board selected Larry as the new President. He’s got a great track record and is well positioned to lead MGCC in the years ahead. I’m very proud of what we’ve accomplished and look forward to seeing the results grow under Larry’s leadership," said Grigsby.

Grigsby plans to continue in his roles as a Director of Boston Private Bank and Trust Co. where he Chairs the Directors Loan Committee, as well as serving as a Director of the Neighborhood House Charter School, and the Massachusetts Housing Investment Corp. He plans to serve on other boards as well as make time available for consultant work.

MGCC Background In 2010, Governor Deval Patrick signed into law an economic development bill designed to help small businesses create jobs, in part by providing greater access to capital through the creation of the Massachusetts Growth Capital Corporation. Initial capitalization of the fund was $15,000,000. MGCC is a central state resource that offers working capital, loan guarantees, and targeted technical assistance to solve specific financial and operational problems for local businesses. MGCC works with traditional financial institutions to make challenging loans bankable, working with community development corporations and other non-profits to provide financing for job-producing projects, and assisting a wide range of small businesses find the growth capital they require. MGCC specifically targets manufacturers that are expanding, other growth sectors, and small businesses in our older Gateway Cities. Since inception, MGCC has assisted more than 153 companies with over 6,000 employees with customized working capital financing commitments totaling over $49,600,000. www.massgcc.com

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