Pittsfield- State Senator Benjamin B. Downing (D-Pittsfield) and State Representative William “Smitty” Pignatelli (D-Lenox) announced today that the state-subsidized Massachusetts Capital Access Program (Mass CAP) has approved two loans to local businesses totaling $83,000: Personal Best, a personal fitness and training entity in Great Barrington ($68,000); and Michael Sciola, professional accountants and tax preparation, located in Pittsfield ($15,000).
“This program helps turn business dreams into reality by providing growing businesses with the resources they need to succeed. Stronger businesses, equals stronger economy and directing our state resources to building our economy is a wise investment,” said Downing.
Mass CAP, administered by the Massachusetts Business Development Corporation, is a state-subsidized program designed to help small businesses secure business loans through local banks. Using cash collateral guarantees for loans up to $500,000 from a loan loss reserve fund, this program enables banks to make loans they might otherwise not be able to finance. Since the start of the program, participating banks have secured over 3,000 new clients and financed Mass CAP loans totaling over $200 million with an average loan of $50,100.
“The backbone of Berkshire County has been with small business and these opportunities are wonderful to increase the economic opportunity here in the Berkshires,” said Pignatelli.
Mass CAP creates loan options for small businesses that fall short of qualifying for more conventional loans. Loans made through this program may be used for many purposes including start-up and expansion costs; real estate purchases; and permanent working capital to ensure continued profitable operations such as equipment purchases, start-up costs, and real estate acquisitions.
Over 50 Massachusetts banks participate in Mass CAP. To view a complete list of participating banks, and to obtain additional information regarding the Capital Access Program and other lending programs please visit: http://www.bdcnewengland.com/programs/capital-access-program/