Economic Stimulus Programs Fact Sheet - Urban Initiative Fund & Mass Enterprise Loan Fund

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Program Fact Sheet

MCDFC loans
Loans and grants to minority and women-owned businesses and nonprofits for job training, business development and other activities in targeted communitites.
(Recapitalized under the 2003 Economic Stimulus Bill, c.141 of the Acts of 2003, s.65 &66)

Total appropriated under 2003 Economic Stimulus Bill - $1,000,000 (1)

Massachusetts Community Development Finance Corporation (MCDFC)


Fiscal year of loan approval	Recipient	Region	Industry Type	Loan amount(s) approved	Loan amount(s) closed	Amount of funds matched or leveraged	Purpose of loan(s)	Jobs existing	New jobs projected
Totals				$7,420,000	$7,270,000	$32,126,000		1,036	50
2004	Sancliff, Inc., Worcester	Central	Manufacturing	$200,000	$200,000	$770,000	Term loan for working capital	10	**
2004	Hybricon, Inc., Ayer	Central	Manufacturing	$300,000	$300,000	$1,500,000	Term loan for working capital	52	22
2005	Joel's Cleaning Service, Lawrence	Northeast	Service	$25,000	$25,000	$0	Line of credit for working capital	34	0
2005	Mendez Flowerloons, Lawrence	Northeast	Wholesale/ retail	$25,000	$25,000	$0	Line of credit for working capital	4	0
2005	Methuen Staffing, Inc., Methuen	Northeast	Service	$150,000	$150,000	$0	Line of credit for working capital	7	3
2005	Quick Mart, Inc., Boston	Greater Boston	Retail	$75,000	$75,000	$0	Term loan for working capital	3	0
2005	Tienda Elegante, Lawrence	Northeast	Retail	$100,000	$100,000	$0	Line of credit for working capital	5	1
2005	Bazaar El Salvador, Somerville	Greater Boston	Retail	$50,000	$50,000	$0	Term loan for working capital	3	0
2005	Katahdin Industries, Inc., Natick and Dedham	Central	Manufacturing	$300,000	$300,000	$1,743,000	Line of credit	84	10
2005	Mass Alliance of Portuguese Speakers, Cambridge	Greater Boston	Social services	$200,000	$200,000	$319,000	Term loan for working capital	34	2
2005	Mass Alliance of Portuguese Speakers, Cambridge	Greater Boston	Social services	$100,000	$100,000	*	Line of credit	*	*
2005	World Commerce Import & Export, Boston	Greater Boston	Wholesale/ retail	$100,000	$100,000	$208,000	Line of credit for working capital	6	0
2005	724, LLC, Boston	Greater Boston	Restaurant	$150,000	$150,000	$0	Term loan for working capital	15	2
2006	Mastex Industries, Holyoke	West	Manufacturing	$485,000	$485,000	$8,500,000	Term loan for working capital	85	0
2006	MCR Construction, Somerville	Greater Boston	Construction	$150,000	$150,000	$55,000	Line of credit for working capital	14	6
2006	Pelletier's Building Supply, Fitchburg	Central	Lumber and building supply	$263,000	$263,000	$5,000,000	Line of credit	100	0
2006	Waldo Brothers, Boston	Greater Boston	Wholesale	$500,000	$500,000	$231,000	Line of credit	40	**
2006	Soya Food, Boston	Greater Boston	Wholesale	$75,000	$75,000	$0	Line of credit	5	2
2007	Grove Electronics, North Reading	Northeast	Wholesale	$250,000	$250,000	$0	Line of credit for working capital	6	0
2007	Grove Electronics, North Reading	Northeast	Wholesale	$250,000	$250,000	*	Term loan for working capital	*	*
2007	Canto 6 Bakery, Boston	Greater Boston	Bakery/cafe	$92,000	$92,000	$0	Term loan to purchase equipment	10	2
2007	Signature Bread, Inc., Chelsea	Greater Boston	Wholesale bakery	$500,000	$350,000 (2)	$13,800,000	Term loan for manage- ment purchase of the company	230	**
2007	Dorchester Bay Economic Development Corp., Boston	Greater Boston	Service	$300,000	$300,000	$0	Line of credit	22	**
2008	Contract Engineering, Inc., Beverly	Northeast	Manufacturing	$130,000	$130,000	$0	Term loan	6	**
2008	General Services, Inc., Medford	Northeast	Service	$500,000	$500,000	$0	Term loan	59	**
2008	Mastex Industries, Holyoke	West	Manufacturing	$650,000	$650,000	$0	Term loan	85	**
2008	Northeast Regional Ambulance Service, Peabody	Northeast	Service	$250,000	$250,000	$0	Term loan	64	**
2008	Old Time Sports, Inc., Salisbury	Northeast	Manufacturing	$750,000	$750,000	$0	Line of credit	30	**
2008	Rincon Limeno Restaurant, East Boston	Greater Boston	Restaurant	$100,000	$100,000	$0	Term loan	5	**
2008	WSI Manufacturing, Inc., d/b/a Johnstone Supply, Waltham	Greater Boston	Wholesale	$400,000	$400,000	$0	Line of credit	18	**
Totals				$7,420,000	$7,270,000	$32,126,000		1,036	50
Fiscal year of loan approval	Recipient	Region	Industry Type	Loan amount(s) approved	Loan amount(s) closed	Amount of funds matched or leveraged	Purpose of loan(s)	Jobs existing	New jobs projected

Data involve transactions conducted from January 2004, following enactment of the 2003 Economic Stimulus Bill, to March 2008. Data are updated when provided by administering agency.

* Not applicable ** Not yet available *** Not disclosed

Note 1: The 2003 Economic Stimulus Bill authorized the transfer of all assets of the former Urban Initiative Fund to the MCDFC. Those assets totaled approximately $1.6 million. The Bill also appropriated an additional $1 million to recapitalize the MCDFC. Those funds have been used to support the the lending activities of the agency.

Note 2: The $350,000 in funding to Signature Bread, Inc. was provided in a partnership arrangement with the Massachusetts Economic Stabilization Trust, which contributed $650,000. The loan to Signature Bread under the partnership arrangement totaled $1 million.

PRINT: MCDFC loans

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Center for Economic and Civic Opinion

Massachusetts Economic
Assessment & Analysis Project

John W. McCormack
Graduate School
of Policy Studies

Center for Economic
and Civic Opinion