Governor Patrick Announced $22 Million for Small Business Financing, Job Creation in Massachusetts
An excerpt from a press release issued by Governor Deval Patrick’s Office
Commonwealth awarded funds through Obama Administration’s State Small Business Credit Initiative; Financing will create jobs and spur more than $220 million in additional small business lending
CAMBRIDGE – Thursday, September 15, 2011 — Governor Deval Patrick today announced that Massachusetts will receive $22 million through the Obama Administration’s State Small Business Credit Initiative (SSBCI), funding that will leverage more than $220 million in private financing and bolster the Commonwealth’s ongoing efforts to provide small businesses with the access to capital they need to grow and create jobs. The Governor made the announcement at Thinking Phone Networks, an entrepreneurial technology company that is set to add to its burgeoning Cambridge workforce thanks in part to a $1 million term loan the Patrick-Murray Administration recently approved…
The SSBCI program, which supports state-level, small-business lending programs, is an important component of the Small Business Jobs Act President Obama signed into law last fall. The Patrick-Murray Administration applied to access program funding in June, demonstrating that through existing programs such as the Massachusetts Growth Capital Corporation (MGCC) the state could generate at least $10 in new private lending for every $1 in federal funding. The Commonwealth’s $22 million allocation is expected to support more than $220 million in new private financing and significant job growth across the state while the overall $1.5 billion federal funding commitment for SSBCI will lead to at least $15 billion in additional private lending nationwide…
“The $1 million loan to Thinking Phone Networks is liquidity for top line growth to a high value added technology company that possesses great cash flow but has no asset collateral,” said Bob Baker, President of the Smaller Business Association of New England. “The Massachusetts Growth Capital Corporation fills that capital void without diluting Thinking Phone Networks’s ownership interests.”
To read the press release in it’s entirety please click here