Year end totals are in and the Fall River Office of Economic Development’s (FROED) Loan Program had another successful year. Since January 1, 2013 FROED has provided low interest loans to 16 local businesses. The loans total close to $1.4 million and helped to retain over 300 jobs here in the city. The loans are also projected to create 30 new positions in the various businesses that received funds.
Mayor William Flanagan who has identified himself as a pro-business mayor is thrilled by the support these local businesses are receiving from FROED.
Mayor Flanagan noted, “success of businesses here in the city is a key component to the development and prosperity of the city.” The Mayor went on to add, “having a resource like the Office of Economic Development not only benefits the businesses who utilize those resources, but also the city as a whole through job retention and creation.”
The Fall River Office of Economic Development offers a number of loan programs based on the needs of the applicant’s business. Since 1978 the Fall River Office of Economic Development has issued more than $75 million in low interest loans to more than 650 Fall River businesses, which have helped to create and retain more than 15,000 jobs. Applicants are asked to submit an application, financial statement and business plan to be considered for a loan. FROED’s loan programs, funded in part through a Community Development Block Grant, can be combined with private, state and federal funds.
Kenneth Fiola, Jr., Executive Vice President of the Fall River Office of Economic Development is pleased with the year end totals noting, “We have a diverse client base and pride ourselves on working with businesses to achieve their goals. We have a strong finance team and I encourage any Fall River businesses looking for financing to contact our office.”
For additional information about the loan programs offered through FROED, visit FROED’s website at www.froed.org or contact Finance Director Stephen Parr at 508-324-2620.