Financial boosts help small businesses expand
(Pittsfield, MA) - Massachusetts Business Development Corporation (MBDC) announces its newest Capital Access Program (CAP) loans in Pittsfield, MA with Nook & Cranny LLC and Pittsfield Tire & Auto Service, Inc.
"There are small businesses across Massachusetts that can benefit from MBDC's CAP loans, said President and CEO of MBDC Ken Smith, "Especially considering that in this economic climate, it can be challenging for them to get access to the funding they need to create jobs and expand their business. Both the Governor and the Massachusetts legislature have been important partners in CAP’s success, providing the critical resources needed to help fund local businesses.”
For Pittsfield Nook & Cranny, the breakfast and lunch restaurant will be able to open a new location in addition to their West Stockbridge restaurant. “This CAP loan allows us to be able to expand our business with this new location, and to share Nook & Cranny’s homemade baked goods, soups, and daily specials with a new community,” said Co-Owner Jennifer Clark.
Pittsfield Tire & Auto Service received a CAP loan which will go towards upgrading outdated equipment such as a new rack body service truck with lift gate and compressor to do emergency road service and a new wheel alignment machine and service lift. Also the showroom and outdoor aesthetics of the business will be updated.
“Seeing these small businesses in our region receive loans through the Capital Access Program is very encouraging,” said State Senator Benjamin Downing (D- Pittsfield). “You have local banks helping local businesses, and together they are improving the Commonwealth’s overall economic picture. In today’s economy, it is great to see small businesses accessing the funding they need, and the jobs that are created and retained as a result.”
“Local lending institutions like Berkshire Bank can be directly involved in the growth and success of a town’s small businesses through the Capital Access Program. The program gives Massachusetts banks incentives to confidently give more CAP loans and it is mutually beneficial for all parties involved.” said Berkshire Bank’s Commercial Loan Officer Steven Munger, who facilitated the CAP loan with Pittsfield Nook & Cranny. “The hospitality industry was among those businesses that were hit the hardest during this latest economic downturn, but with programs like CAP we were able to assist existing customers' growth needs.”
Pittsfield is among the many towns across the state to benefit from CAP, a program that seeks to give small businesses funding in an effort to grow jobs and strengthen the state’s economy. Since its inception in 1993, CAP in partnership with 66 member community banks has provided $280 million in new loans, investments and loan guarantees to more than 4,400 area small businesses.
Nearly 13,000 jobs have been created in Massachusetts through CAP loans, and 16,644 jobs have been retained. More than $100 million in state payroll taxes have been repaid to the Commonwealth of Massachusetts and more than $26 in private sector funding has been leveraged for every $1 of state funding.
Berkshire Bank, Pittsfield Co-operative, Legacy, and TD Bank in Pittsfield are enrolled in CAP to help small businesses succeed.