Pittsfield- State Senator Benjamin B. Downing (D-Pittsfield) announced today that the state-subsidized Massachusetts Capital Access Program (Mass CAP) has approved a small business loan to Kidzone, a Pittsfield-based after school and infant-toddler daycare center.
“This program helps small businesses grow and thrive. Stronger businesses, equals stronger economy and directing our state resources to building our economy is a wise investment,” said Downing.
This funding enables Kidzone to expand physical space and curriculum to meet local demand. Located at 10 Lyman Street in Pittsfield, Kidzone’s facility doubled in size from 5,000 to 10,000 square feet, boasting a new gymnasium complete with basketball hoops, games and recreational opportunities for the children. A new infant-toddler center was established, creating daycare options for local parents. Currently, 116 children are enrolled in Kidzone programming, the maximum their license will allow. Kidzone’s waiting list holds 120 names and the owners are looking forward to their next expansion to keep up with the needs of the community.
Owners of Kidzone, Leo and Susan Robert expressed their appreciation for Mass CAP. “We’re a small business, keeping up with the big dogs,” said Susan Robert. “Programs like these are a tremendous help to our business success.” “Mass CAP is a wonderful program for businesses to get off the ground and continue to grow,” said Leo Robert, co-owner of Kidzone. “We are also very appreciative of the hard work Berkshire Bank put in to make this loan possible.”
Through their expansion, Kidzone created 14 new jobs, bringing their workforce total from 13 to 27 fulltime employees. To learn more about Kidzone and the programs they offer, visit www.kidzoneinc.org, or call (413) 448-2366.
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.
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: www.bdcnewengland.com/programs/capital-access-program/.