More than 130 businessmen and women attended the Smaller Business Association of New England's monthly breakfast series on Wednesday, February 16th at the Westin Hotel in Waltham.
The Massachusetts Growth Capital Corporation (MGCC) was formed and funded by consolidating The Community Development Finance Corporation and the Economic Stabilization Trust. With the merger, businesses now have the opportunity for “One-Stop Shopping” in the form of a centralized resource at the state level that provides working capital, loan guarantees, grants, financial assistance and one-on-one mentoring services.
The MGCC mission is to provide advice and capital to Massachusetts small businesses, women and minority owned businesses and local development efforts, through flexible financing programs. It promotes economic development by helping small businesses create and preserve jobs in the Commonwealth.
Bob Baker, President of SBANE, was appointed to the Massachusetts Growth Capital Corporation’s Board of Directors in September 2010 by Governor Deval Patrick for a five year term.
February’s keynote speaker, Interim President, Charles Grigsby, joined the MGCC in December of 2010 and in his talk discussed the challenges of stepping into a new role. While he serves as Interim President he will oversee the initial operations while assisting with the national search for the candidate who will become the Inaugural President.
He also discussed the benefits of MGCC as opposed to a bank. The organization provides technical assistance and the financial advice. They focus on assisting Massachusetts manufactures and value-added companies.
Since October, MGCC has provided $6 million in loans to 22 companies and as a result has saved approximately 1,300 jobs.
Grigsby took questions from the attendees and discussed how the MGCC uses no specific formula for loan approvals. The committee prefers to use reasonable judgment and to have the ability to take job creation into consideration.
He also assured the group the MGCC can be contacted by either a bank or the company themselves. “We have referrals from CPAs, lawyers, bankers and others in the industry”. The MGCC provides quick turnaround. The answer is either a yes or no, never a maybe.
The event was sponsored by EBS Capstone and Marcum LLP.
SBANE's next breakfast series will be held on March 16. The topic will be “The New Affluence – Achieving Financial Security in a Changing Economy” with Jonathan Pond, Public Television Host and SBLI Spokesperson as the featured speaker. Visit www.sbane.org
or call 781-890-9070 for more information or to register.