MCCI #1 Lead Paint Remediation Lender in State for 4 Consecutive Years

As of April 2013, MCCI has been approved as a lender in the ‘Get the Lead Out’ program which helps homeowners get funds to assist them in dealing with lead removal.

MCCI is pleased to announce that as of April 2013, it has been approved as lender in the MASSHOUSING a GET THE LEAD OUT program. The program helps homeowners with low cost funds to assist them in dealing with lead removal.
MASSHOUSING GET THE LEAD OUT is subject to certain requirements. Here is a brief description of some of the areas covered by the program:

Case Managed/Court Ordered Loan – 0% deferred

  • Once eligibility is established, the loan can proceed.
  • No payments are due on this loan
  • Loan becomes a lien on the property that must be paid off when the owner sells, transfers or refinances
  • The loan does not disappear after a certain period of time; the homeowner will always be responsible for repayment, and the loan cannot be assumed by third parties.

Preventative Loan

  • Can occur in any income eligible, owner- occupied 1-4 family residence with lead paint
  • Homeowners at or below 100% of the Area Median Income (AMI) receive a 2% interest rate
  • All preventative loans are amortizing, which means that there will be payment due starting the month after the loan closes.

Property Eligibility Guidelines

  • 1-4 family residence properties
  • No commercial or mixed use space
  • No temporary shelters or rooming houses
  • Financing is limited to 8 units per investor or non–profit
  • Borrower must own the property; no trusts or life estates 

Maximum Loan Amounts

  • Single Family  $30,000
  • Two Family  $35,000
  • Three Family  $40,000
  • Four Family  $45,000
  • Minimum loan amount on any size property is $3000.

 For More details, please visit www.MASSHOUSING.com

Lawrence Venture Fund Makes First Loans To Local Businesses

For Immediate Release

LAWRENCE VENTURE FUND MAKES FIRST LOANS TO LOCAL BUSINESSES

LAWRENCE, MA.  Two Lawrence businesses will expand capacity with loans totaling $95,000 from the Lawrence Venture Loan Fund.  “The immediate impact will result in 10 new employees, with projections to hire 12 more people at the end of the year,” noted Frank Carvalho, the Executive Director of Mill Cities Community Investments, a local Community Development Financial Institution that processes and services the loans for the Venture Loan Fund.  La Cibaena Bakery and Auto Bori Music, LLC were the first two businesses to receive loans from the $1M Venture Loan Fund, which was established by the Lawrence Partnership in the fall of 2015.  The Lawrence Venture Fund is capitalized by 4 local banks—TD, Enterprise, Eastern and the Merrimack Valley Federal Credit Union—with additional resources provided by the City of Lawrence.  “Today we are here to celebrate the entrepreneurism that is so robust throughout Lawrence and the great things that can be accomplished when people work together,” noted Derek Mitchell, the Lawrence Partnership’s Executive Director.

“We are really excited to see this kind of investment in these kinds of businesses”, claimed Mayor Dan Rivera.  “These are businesses that are part of the neighborhood that people can walk to, and they are creating jobs that will generate more opportunities down the road.”  La Cibaena bakery will be leveraging its loan to add to other investments by its owner, Ramon Alberto, to replace a 100 year old mixer and purchase two new ovens.  The increased capacity will allow him to expand his contracts with grocery giant, Market Basket.  Auto Bori Music, LLC, a local auto accessory retail outlet, will be expanding its inventory to meet increased demand for its products.

In addition to access to capital, Lawrence businesses will also benefit from additional technical assistance through a $55,000 grant from Mass Growth Capital Corporation to Mill Cities Community Investments (MGCC).  Lawrence Andrews, President of MGCC was on hand to make the announcement, claiming “really, these are the communities that we want to invest in because there is so much opportunity here.  We are excited to be partnering again with MCCI and Frank because we know the investment will realize incredible impact for Lawrence businesses”.  The grant, which will allow MCCI to add two more staff to its organization, was made through Mass Growth Capital’s Small Business Technical Assistance Grant Program, which is designed to complement and enhance the traditional public and private small business assistance network by providing technical assistance or training programs for underserved and disadvantaged businesses with 20 employees or fewer.

The Venture Loan Fund is designed to assist those ventures that add value and diversity to the Lawrence business community by making available low-cost financing, with priority given to the commercial and mill districts in and around the downtown area.  More information, including details on how to apply for loans through the Venture Loan Fund, are available at http://lawrencepartnership.org/VentureFund.

For more information, contact:
Derek Mitchell

Lawrence Partnership, Executive Director, dmitchell@necc.mass.edu or 978 804.6989

About Lawrence Partnership

Founded in 2014, the Lawrence Partnership is a Private/Public partnership dedicated to promoting economic development and quality of life in Lawrence, MA.  Bringing together presidents, CEOs and executive directors of banks, mills, businesses, schools, and community organizations in Lawrence, along with elected officials, the Lawrence Partnership created the Venture Loan fund as one of its first initiatives in 2015.  Its areas of priority include initiatives that create jobs and opportunities in the city.  www.lawrencepartnership.org

About Mass Growth Capital Corporation (MGCC)

MGCC works to create and preserve jobs at Massachusetts small businesses, women and minority owned businesses, and promotes economic development in underserved, Gateway Cities and low and moderate income communities. MGCC is a central state resource that offers working capital, loan guarantees, and targeted technical assistance to solve specific financial and operational problems for local businesses. MGCC works with traditional financial institutions to make challenging loans bankable, working with community development corporations and other non-profits to provide financing for job-producing projects, and assisting a wide range of small businesses find the growth capital they require. MGCC specifically targets manufacturers that are expanding, other growth sectors, and small businesses in our older Gateway Cities.  Since 2010, MGCC has assisted more than 263 companies with over 9,100 employees with customized working capital financing commitments totaling over $83,800,000.

www.massgcc.com