WASHINGTON, D.C. – Today U.S. Congressman Jim McGovern (D-MA) joined Worcester Business Development Corporation (WBDC) in applauding the award of two Small Business Administration (SBA) 504 loans this month for two local businesses – Flying Rhino Café & Watering Hole and Skylark Law & Mediation, P.C. The Flying Rhino is receiving $343,954.00 through the SBA loan program and Skylark Law & Mediation is receiving $181,500.00, for a combined total of $525,454 in federal funding for the local economy. This growth and expansion is a result of the financing provided by two local banks in conjunction with the WBDC’s SBA 504 loan program.
"Small businesses are the heart and soul of our economy in Central Massachusetts and this is a smart investment in two of Worcester’s many great small businesses,” Congressman Jim McGovern (D-MA) said. “I am proud to work with strong partners like the Worcester Business Development Corporation and the SBA. Together, we will continue to stand up for all of our small businesses and ensure they have the support they need to continue to create good jobs and keep our economy strong and growing.”
“WBDC, working in partnership with Congressman McGovern and the federally funded SBA 504 program, is pleased to provide this low interest, fixed asset financing to our small businesses” said Craig L. Blais, President and CEO of the WBDC. “Our success rate continues to climb with each loan funded and added into the existing $36+ million dollar portfolio.”
The SBA 504 Loan Program is designed to incentivize small businesses to invest in real estate, machinery, or equipment by providing a 20 or 10 year fixed interest rate with a 10 percent equity infusion by the borrower. These attractive terms of financing help small businesses retain capital to strengthen their bottom line, allowing them to truly invest in their businesses at the ground level. Read more here.
WBDC serves the Worcester County area, providing economic development choices to stimulate job creation to increase the tax basis and expand the footprint of businesses within the region. WBDC actively markets, processes and closes the SBA 504 loans on behalf of the small businesses in partnership with local banks, credit unions, commercial realtors, and financial advisors. Since 1981, with the inception of the SBA 504 program, WBDC has earned its certification as a certified development corporation working with the SBA Boston District Office to provide financing opportunities for new businesses.
Paul Barber, owner of Flying Rhino Café & Watering Hole, seized the opportunity to acquire his investment at 278 Shrewsbury Street, Worcester, MA by partnering with Spencer Bank and the WBDC’s SBA 504 program. Paul and his wife Melina offer an eclectic mix of food and drink in a casual atmosphere. Their offerings range from lunch and dinner seven days per week, to a special brunch menu on Sundays, and a Late Night Special Menu. A full bar, in addition to a wine cellar, 12 rotating draft beers, and a selection of over 24 bottled beers complements their restaurant and creates a warm and inviting atmosphere for its patrons.
Skylark Law & Mediation, PC is a legal practice specializing in family law and dispute resolution and mediation services. Justin Kelsey, Elizabeth Kelsey and Michael Paonessa expanded their business to a new location at 9 Main Street, Southborough, MA. Utilizing the WBDC’s SBA 504 loan program with Eastern Bank has provided Justin’s business room to grow with additional space to lease to other small businesses.