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BLDC provides $542,000 in loans to support Boston’s small businesses

Sep 22, 2017

The Boston Planning & Development Agency (BPDA) today announced that the Boston Local Development Corporation (BLDC) has closed $542,000 in loans to support four Boston small businesses.

“Small businesses fuel our local economy, and these loans help create thriving neighborhoods and jobs for our residents,” said BLDC General Manager Bill Nickerson. “Our goal is to use funds to leverage additional financing from bank loans and equity investments for these businesses. I am proud that BLDC funds for these projects support $2 million in additional loan funds and equity investments.”

The borrowers include:

Imported Foods: $235,000
South Boston

Imported Foods, a wholesale distributor of primarily specialty food products for restaurants, hotels, and other commercial entities in the Boston area, received a $235,000 loan to support the continued growth of the company. Since 2008, sales from grown from $2 to $3 million per year, and the company now employs 8 people.

Third Piece Knitwear: $135,000
South End

Third Piece Knitwear, an online and “pop up” retailer, received a $150,000 loan which will assist in opening a new retail store in the South End. The company is a wholesaler and retailer of yarn and craft made knitwear products. The new store will feature knitwear, yarn and knitting kits. It will also have a dedicated space for knitting classes and other events. The woman owned enterprise will directly employ 10 people and supports the work of 13 craft knitters, most of them self-employed women.

Floyd Williams Funeral Home: $100,000
Uphams Corner

Floyd Williams Funeral Home received a loan in the amount of $100,000. The funeral home has been an Uphams Corner institution since the 1970’s and will soon complete extensive renovations to create a new state of the art facility. The funeral home anticipates creating 8 jobs that will be available to community residents.

Love and Mercy Hair Salon: $57,000
South Boston

Love and Mercy Hair Salon received a $57,000 loan from the BLDC’s Job Creation Fund (JCF) and will create 11 jobs for Boston residents. The BLDC has also partnered with East Bolton Savings Bank to finance the construction of this new salon. JCF loans are reserved for businesses that will be creating a number of jobs for Boston residents.

"The BLDC funding has been an integral part of the advancement and sustainability of our small family run food distribution company in Boston, enabling us to focus on positive growth and customer service,” said Anthony Pompeo, Owner, Imported Foods.

In the first 8 months of 2017, the BLDC has closed a total $732,000 in loans. Sixty percent of the borrower businesses are Minority Owned, and 60 percent are Women Business Enterprises, and the businesses are targeted to create or retain at least 66 jobs.

The Boston Local Development Corporation works to increase employment opportunities for Boston residents by providing small business loans with a focus on commercial, industrial and service companies. The BLDC is a private 501(c) (3) non-profit corporation governed by an independent board of trustees. The day to day operation of the program is provided by the Boston Planning & Development Agency's financial services department.

Mayor Martin J. Walsh also launched the Small Business Center under the Mayor’s Office of Economic Development to provide a one-stop resource center for direct business assistance and training, and connect businesses to Business Services Online. The Small Business Center builds the capacity of business owners and entrepreneurs to start, run, and grow their business in Boston.

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BLDC provides $542,000 in loans to support Boston’s small businesses

Sep 22, 2017

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