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Office of Economic Development Your Success Is Our Business! Fall 2010 Office of Economic Development Your Success is Our Business! In This Issue Getting Their MoJo Working In the U.S., the number of children These women sew and embroider Made in Lowell 2010 Page 2 in single-mother families has risen jackets, vests, scarves, and other Energy Funding for Historic dramatically over the past four de- apparel for corporate clients and Downtown Page 2 cades, with nearly 24 percent of the consumers. The true advantage of Small Business Jobs Act of 2010 75 million children under the age working at MoJo is the value-added Page 2 of 18 living in a single-mother fam- Moms & Jobs — Continues on Page 4 ily. The poverty rate for Businesses in the News Page 3 people in single-mother City Offers One Stop Permitting households is significantly Page 3 higher than the overall poverty rate. Moms and Coming Attraction - The Fighter Page 4 Jobs, Inc. (MoJo) is a newly formed social venture, headquartered at 100 Phoenix Ave in Lowell, whose objective is to address the issues of these single-mother fami- lies who find themselves poverty-stricken. LOWELL CITY COUNCIL Open in January 2010, James L. Milinazzo MAYOR MoJo was created to allow Kevin P. Broderick for sustainable employ- VICE MAYOR ment opportunities for Left to Right: Darr Aley, Tom Aley, Rebecca Abbot, Cara Edward “Bud” Caulfield women who are strug- Aley, Congresswoman Niki Tsongas, Kathy Skala and Franky D. Descoteaux gling to make ends meet. Allon Cohne Rodney M. Elliott William F. Martin Life Sciences Accelerator Program Joseph M. Mendonça Rita M. Mercier The Massachusetts Life Science available in this round through the Patrick O. Murphy Center has announced the launch of Massachusetts Life Science Center Office of the the third round of their Accelerator with a $750,000 loan cap for any Loan Program. The Accelerator has company. The MLSC is looking to City Manager been a successful loan program that loan money to companies that have Bernard F. Lynch has supported start-up life sciences potential for commercialization, CITY MANAGER companies by providing working rapid growth, and private equity Adam Baacke capital while they are further devel- financing. Information sessions ASSISTANT CITY MANAGER/ oping their science/technology. The on the program are being held in DPD DIRECTOR hope is that through this support Worcester on November 4th, in Theresa Park DIRECTOR OF these companies will create employ- Waltham on November 17th, and ECONOMIC DEVELOPMENT ment opportunities and stimulate in Springfield with a date to be de- innovation in the Commonwealth. termined. To learn more visit www. A total investment of 3.775M is masslifesciences.com. MARK YOUR Made in Lowell 2010 CALENDAR Please join us on Friday, November 5th 2010 from 12:00 PM to 2:00 PM as we celebrate the 3rd annual Made in NOVEMBER 4, 2010 Lowell event. This year the City will be recognizing lo- Regional Strategic Plan ����������� cal companies that are committed to sustainable prin- Visioning Session ciples in its business practices. For the last two years we have had over 30 local companies exhibiting their products and services to over 200 attendees! To learn Northern Middlesex more information visit www.lowell.org/workhere/Pages/MadeinLowell2010. Council of Governments 6:00 PM - 8:00 PM Energy Funding for Historic Downtown UMass Lowell Inn & Conference Center The buildings in which we live, work, in the DLHD. The grant is being ad- 50 Warren Street and play protect us from nature’s ministered by the City in partnership Lowell, MA extremes but vary greatly in terms of with National Grid, the National Park comfort, operating cost and environ- Service, and the Lowell Development http://www.nmcog.org/ mental impact. Recognizing this, the and Financial Corporation (LDFC), Reg.%20Strategic%20Vi City of Lowell successfully proposed which will be working with several lo- sioning%20Session%20 and has now launched a pioneering cal financial institutions to offer loans 102610.pdf BetterBuildings grant that will en- for larger projects. All project propo- able businesses, building owners, and nents are asked to first participate in residents in the Lowell’s Downtown National Grid’s free energy assess- Historic District (DLHD) to seek up ments and/or audits to identify cost- to $500,000 in combined grant and effective steps that will make your NOVEMBER 5, 2010 loan incentives for energy efficiency business more energy efficient and 3rd Annual improvements to their building. This comfortable. National Grid offers at- Made in Lowell exciting program is an opportunity tractive discounts on equipment and to retrofit buildings in accordance rebates for certain energy efficiency 12:00 PM - 2:00 PM with historic preservation guidelines measures, with small businesses of- UMass Lowell Inn and and to improve comfort, save energy, fered on-bill repayment at 0% inter- Conference Center reduce greenhouse gas emissions, est for two years to cover their share 50 Warren Street and create jobs for the greater Lowell of retrofits. The City’s BetterBuildings Lowell, MA community. grant program is offering a rebate of http://www.lowell.org/ up to $1500 for small businesses that In April it was announced that the workhere/Pages/ can reduce your cost even further. If City of Lowell would receive $5 mil- MadeinLowell2010.aspx your business is interested, please fill lion through the federal Recovery Act out the one-page Letter of Interest BetterBuildings grant (formerly called form ASAP. To receive a copy or learn Retrofit Ramp-Up) to implement more information about the Better- energy efficiency retrofit projects Buildings grant call 978-446-7200, ext. compatible with historic preservation 1205. NOVEMBER 16, 2010 Public Speaking Mastery Small Business Jobs Act of 2010 9:00 AM - 5:00 PM On September 27, 2010 President Barack Obama signed the Small Business Jobs 201 Jones Road Act into law in recognition of how important small businesses are in driving this Waltham, MA economic recovery and creating jobs for America. This new law, through the SBA, http://www.bizjournals. will extend the successful SBA Recovery loans and offer a variety of tax breaks com/boston/calendar/ and lending support to small business owners and entrepreneurs, including $14 billion more in lending support to small businesses; increasing the loan limits from $2 million to $5 million; and also increasing the alternative size standard of the small businesses eligible. In addition, the Treasury will administer $30 billion for Small Business Lending through smaller community banks and establishing a state Small Business Credit Initiative where they will provide $1.5 billion to states to provide small business lending programs. Jobs Act — Continues on Page 4 Businesses in the News MARK YOUR CALENDAR Litle & Co., located at the Cross Point towers, has nearly dou- bled their footprint at the towers to 60,000 square feet. Litle & NOVEMBER 17, 2010 Co., a provider of merchant-payment technologies and services, New England Economic has grown significantly since 2007 with the company going from Partnership Fall Outlook 70 employees to about 170 and doubling their revenue figure to Conference $200 million. To learn more about Litle & Co. visit www.litle.com. 10:00 AM - 5:30 PM On October 1, 2010 the former Prince Federal Reserve Bank Spaghetti Factory will have a new tenant of Boston with Northeast Materials Handling, a 600 Atlantic Avenue liquidation and recycling firm. North- Boston, MA east Materials Handling will be moving http://www.bizjournals. from Chelmsford to their new 44,000 com/boston/calendar/ square feet space in Lowell. The busi- ness buys, sells, and leases office furniture, home furnishings, warehouse equip- ment, and a variety of home and office goods. To learn more about Northeast Materials visit www.liquidatedstuff.com. Over the last few months Cobham Sensor NOVEMBER 17, 2010 Systems has been working in close part- Yes, the Leadership nership with city and state officials from Shortage is the MA Office of Business Development on their Economic Development Incen- Approaching, How tive Program (EDIP) proposal to occupy and make significant private investment Should You Prepare? to 277,000 square feet of space at 1001 Pawtucket Boulevard, the former MA/COM site. The EDIP is a tax incentive program designed to foster job creation and 7:30 AM - 9:30 AM stimulate business growth in the Commonwealth by offering companies like Nashua Country Club Cobham, state and local tax incentives in exchange for job creation, manufactur- 25 Fairway Street ing job retention, and private investment commitments. Nashua, NH The approval of a “tax increment financing” agreement under the EDIP for Cob- www.bizjournals.com/ ham will result in the retention of 400 high-paying jobs, the creation of 20 news boston/calendar/ jobs and an estimated $13 million dollars in private investment. In return, Cob- ham will receive property tax relief on the incremental increase in value from the City and investment tax credit from the State. To learn more about Cobham Sen- sor systems visit www.cobham.com and to find out more about the state’s EDIP visit www.ma.gov. NOVEMBER 17, 2010 City Offers One Stop Permitting Medical Device Company Showcase The City of Lowell improved city user dents to visit just one office in the city in collaboration with services over the summer months instead of five. M2D2 with the opening of the Development 5:00 PM - 8:00 M Services Office. Located on the sec- The new Development Services Office ond floor of City Hall (375 Merrimack will mean improved customer service UMass Lowell Inn & Street), the Development Services for project developers, builders, and Conference Center residents; simplify the process for ob- Office is a one-stop permit and code 50 Warren Street taining required permits which will enforcement center for businesses and Lowell, MA residents in the City.
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