Kevin M. Tierney, Sr., President and Chief Executive Officer of North Shore Bank, announced today that the Bank will contribute $50,000 to the 2018 Merrimack Valley Small Business Emergency Fund to assist the businesses and private nonprofits impacted by the September 13th gas line incident in Lawrence, North Andover and Andover.
The $2 million fund recapitalization, announced by Governor Charlie Baker at a press conference on October 24th, is supported by 15 lenders contributing a total of $1.55 million, as well as a $450,000 contribution from the Massachusetts Growth Capital Corporation.
Tierney stated:
We are pleased to be a part of such a worthwhile endeavor. We, like all of the other financial institutions participating in this fund, are very involved in the well-being of the community. Having a branch in the Merrimack Valley naturally caused us to be concerned for the lives of so many.” He went on to say, “We wanted to help in a way that was greater than what we could do alone. This is what being a community is all about— helping your neighbor in difficult times.
The loans are being offered with no payments and no interest for the first 6 months. For businesses that extend beyond a 6 month period, market rates will apply and loans can be extended or restructured for multi-year term loans. The fund is designed to create an expedited application and approval process, with the goal of the getting all applications processed within 24 to 48 hours. For information on how to apply contact Mill Citiies Community Investments at 978-258-2772.
About the Merrimack Valley Small Business Emergency Fund
In September, the Baker-Polito Administration announced the creation of the 2018 Merrimack Valley Small Business Emergency Loan Fund. Massachusetts Growth Capital Corporation (MGCC) and ten lenders provided the initial $1 million in capital, partnering with the Lawrence Partnership and Mill Cities Community Investments (MCCI) to develop the fund. MCCI administers the fund and reports over 20 applications have been received from eligible businesses. On October 24
th, Governor Baker announced the recapitalization of the fund at an additional $2 million, which triples the support to affected businesses.