Marketing firm receives loans from the Mayor’s Small Business Fund
and CDBG Small Business Loan Program
PITTSFIELD - Mayor Daniel L. Bianchi today announced that another Pittsfield business has received funding from the mayor’s Small Business Fund. Premium Marketing Enterprises Corporation (PME), located on North Street, has received a working capital loan after meeting the requirements established for the program. The application was reviewed by the Pittsfield Economic Revitalization Corporation (PERC), which passed their favorable recommendation on to the mayor.
Premium Marketing Enterprises Corporation was granted a separate small business loan by PERC, through the city’s Small Business Loan Program. The program was established with funds from the city’s Community Development Block Grant (CDBG) and it is administered by PERC on behalf of the city. The PERC loan will also be used for working capital to help PME increase its workforce.
“Premium Marketing Enterprises Corporation is positioned to grow and to add new employees,” Mayor Bianchi said. “Financial help from the Small Business Fund will enable this business to take strategic steps toward the next level. At a time when small businesses often fail to qualify for funding from traditional institutions, I am pleased that the city can help them achieve their goals. We all win when our small businesses expand and prosper. Small Businesses are the backbone of a community”
“This was a prime situation where the city and PERC had the chance to support a business that has an immediate need to add jobs in order to take advantage of a growth opportunity,” Jay Anderson, President of PERC said. “The influx of these funds will essentially help Premium Marketing Enterprises Corporation expand its market and grow its revenue.”
Mayor Bianchi created the Small Business Fund shortly after taking office, establishing a $500,000 funding source for small businesses that have the potential to grow and can document a valid need for financial assistance. Since its inception, 4 small businesses have been approved for the loan program. The loans are structured with input from PERC on appropriate terms and conditions. Shortly after Mayor Bianchi established the Pittsfield small business loan fund, Massachusetts Treasurer Steve Grossman deposited 5 million dollars in Western MA banks to similarly help small businesses in the region.
“Pittsfield’s economy is dominated by small businesses with 50 or fewer employees” the mayor continued. “It is critical for us as a city to ensure that these businesses have the resources they need to expand, purchase new equipment, make needed capital investments or afford the kind of consulting services to improve their businesses.”
Funding for the Small Business Fund comes from the Pittsfield Economic Development Fund. The program includes money for technical assistance, working capital and capital investments – three areas identified as critical for small business owners to succeed.
Premium Marketing Enterprises Corporation, which is owned by Michael Eitelberg, received $25,000 to be used working capital. The PERC loan of $21,150 will also be used for working capital needs, primarily for personnel costs related to 2 new positions that will be created immediately.
Mayor Bianchi urged other small employers to apply for financial assistance via the Small Business Fund. Inquiries about eligibility can be made by calling the Department of Community Development at 499-9368.