Thursday, February 11, 2010

LSBAC Micro Loan Program Announcement

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The Lowell Small Business Assistance Center invites you to the announcement of its new 
 
 Small Business Micro Loan Program 
 
 
Dear Readers,
 
 
 Please join us and our guests:
 
Congresswoman Niki Tsongas
 
Robert Nelson, District Director
U.S. Small Business Administration
 
Andre Porter, Executive Director
Massachusetts Office of Small Business and Entrepreneurship
 
Date: Tuesday, February 16th
Time: 10:00 am
Place: Mayor's Reception Room, Lowell City Hall
 
Sincerely,
Terry Williams
Lowell Small Business Assistance Center
Press Release
 
The Lowell Small Business Assistance Center receives a $50,000 grant to establish a small business microloan fund for Lowell and surrounding communities.
 
 
The Center, in a highly competitive process, was selected as one of three Massachusetts organizations and one of only fifty-eight organizations nationally to receive a Program for Investment in Micro-Entrepreneurship grant. 
 
Lowell, MA, February 16, 2010: In Massachusetts 86% of the businesses employ fewer than 20 employees.  These businesses and new businesses like them will play an important role in our economic recovery and in job creation, if money is available to finance startups and expansion.  This is particularly true in low income inner city neighborhoods. The creation of a Lowell-based microloan fund will assist small businesses in Lowell and the surrounding communities. 
 
"The first year of this U.S. Small Business Administration (SBA) grant will enable us to plan and develop the infrastructure necessary to launch a microloan fund for businesses.  Upon subsequent funding for the second and third years, we will have funding to provide the seed capital for the fund and administration costs.  We anticipate making our first loans in the fall of 2010 and look forward to the impact these loans can have on local economies and jobs in the Merrimack Valley." said Terry Williams, the Center's Assistant Director.  Microloans can be used for starting a business, providing needed working capital, or for capacity building purposes and will range from $2,000 to $10,000.  Recipients will also receive significant levels or technical support from the Center.
 
 Robert Nelson, Distric Director of SBA Boston, stated that "I am extremely pleased that the proposal from the Lowell Small Buiness Assistance Center was selected from among the many proposals received by the SBA nationally.  Being selected speaks volumes to the quality of the proposal and the anticipated impacts to be achieved by the Center.  Capital for micro enterprises is vital to the economy and job creation and here at the local SBA office, we look to work closely with the Center to insure a successful launch and future expansion.
 
Event Info
Tuesday, February 16th
10 am
Mayor's Reception Room
City Hall of Lowell
 
 Contact:  Terry Williams, Assistant Director
 Lowell Small Business Assistance Center
88 Middle Street, Rm 202
Lowell, MA  01852
 978-322-8402
 
For Release 9a.m., EDT, February 16, 2010
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Lowell Small Business Assistance Center | 88 Middle Street, Room 202 | Lowell | MA | 01852

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