Franklin County Community

The lending program at the franklin county community development corporation raises capital from both public and private sources to provide financing for businesses, start-ups and expansions. The lending staff meet prospective borrowers where they are, providing flexible financing for folks who may not qualify for bank funding. For the year ended june 30, 2024, servicing 129 loans with an outstanding balance of approximately $6. Million. This program has supported hundreds of small businesses and entrepreneurs that have, in turn, created well over 1,600 jobs, and it leverages millions of dollars of additional private capital investment. The program aims to build economic justice by providing capital to low- and moderate-income earners and people who are impacted by a history of underinvestment, racism, and discrimination.

The massachusetts agriculture innovation center (maaic) is a network of business-assistance providers across the commonwealth that helps farms and other value-added producers launch and scale new product ventures. The program offers one-on-one business coaching, access to funding, and industry connections, serving as a hub connecting producers with the services they need to succeed. Collectively, maaic partners have supported hundreds of farms with product development, business planning, and food safety and regulatory compliance. In 2024, maaic engaged 183 producers in one-one-one counseling and trainings, hosted four workshops/trainings, awarded four mini grants to businesses for specialized work with consultants, and provided co-packing services to 13 farms through the wmfpc value-added program.

The business development program supported more than 350 clients in 2024, with 135 receiving more than five hours of assistance. Of those 135, 68 (50%) were women, 42 (31%) were non-white, and 18 (13%) were immigrants. Franklin county cdc staff help emerging and growing business owners with business planning, structuring an organization, creating a business plan, setting goals, marketing, operational controls, and creating a financial plan. The impact of this programwhich works with business owners across the four counties of western massachusetts and parts of worcester countywas the creation of 70 jobs and the preservation of 114 jobs in this region in 2024.