MARLBOROUGH, Mass.–Two credit unions are part of a program that has been created to boost this city’s economy.
The Marlborough Economic Development Corporation has launched a revolving loan fund for new and existing small businesses that seeks to provide gap financing for prospective business owners to launch new companies and existing entrepreneurs seeking to expand and create jobs.
Four local financial institutions–Digital Federal Credit Union, St. Mary’s Credit Union, Avidia Bank and Marlborough Savings Bank–and the agency have each pledged $50,000 for the program.
The MEDC said it has received a few applications thus far and recently approved a loan for Mass Signal Service, a Marlborough-based electrical engineering service.
Businesses will be required to pay back their loans as if they are borrowing independently, said Cummings.