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 twilliams@comteam.org   For Release 9a.m., EDT, February 16, 2010

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