Dorchester Bay Economic Development Corporation Launches Small Business Growth Strategy, Innovation Lending
BOSTON, Massachusetts, May 16, 2018 – Dorchester Bay Economic Development Corporation announced its Innovation Lending platform — an ambitious and high impact growth strategy to support entrepreneurs and growing businesses — during a launch event at Boston Private Bank earlier this month. The growth strategy deploys an online lending platform, cutting-edge financial tools, and new strategic partnerships into communities where capital, technical assistance and other supports are badly needed. The event drew nearly seventy attendees representing several industries including local community organizations, financial institutions, local and federal government agencies, academia and more.
In developing Innovation Lending, DBEDC commissioned market research which concluded that more than 3,000 businesses in DBEDC’s target communities of Dorchester, Jamaica Plain, Roxbury, Mattapan, Hyde Park, and Roslindale neighborhoods are likely in need of business capital. Further research suggests that DBEDC can meet these needs by raising $6.5M over the next 5 years. This capital will fund startups and growing businesses while enabling DBEDC to build the capacity necessary to service existing customers and support aspiring entrepreneurs.
The U.S. Small Business Administration announced a $500K investment into the Dorchester Bay Neighborhood Loan Fund to kick-off DBEDC’s fundraising efforts.
Perry B. Newman, CEO at Dorchester Bay, underscored the need to invest capital and other resources where they’re needed most. “Lack of access to capital and targeted technical entrepreneurial assistance are significant impediments to wealth creation and economic mobility in our neighborhoods. We simply can’t permit another generation to continue to lag in economic opportunity. We are committed to getting at these intractable conditions, and we believe that Innovation Lending can make a significant difference,” said Newman.
Dorchester Bay also announced partnerships with the City of Boston’s Office of Financial Empowerment to offer credit building coaching to its small business clients, and with Enquiron to provide small business clients access to HR, health care, and retirement advisory services, resources and tools. “The formation of these new partnerships strengthens Dorchester Bay’s technical assistance offerings, which are some of the most robust in the city,” said Jim McSherry, Director of Economic Development at DBEDC.
About Dorchester Bay Economic Development Corporation
Dorchester Bay Economic Development Corporation was founded in 1979 by local civic associations and dedicated community members to address the problems of economic disinvestment, unemployment, crime, community tensions and the shortage of quality affordable housing undermining Boston’s Dorchester neighborhoods. More information is available at www.dbedc.org.
About the Office of Financial Empowerment
The Office of Financial Empowerment (OFE) was created by Mayor Martin J. Walsh in 2014 to connect those seeking financial security and wealth generation with access to capital, financial education, and financial services. The OFE has been instrumental in bringing credit building and credit repair resources to Boston residents, embedding a light-touch credit review session within free tax preparation sites run by the Boston Tax Help Coalition, and making in-depth financial and credit building services available free of charge year-round through its Roxbury Center for Financial Empowerment where it will serve Dorchester Bay’s small business clients. More information is available at ofe.boston.gov or BostonBuildsCredit.org.
Enquiron, www.enquiron.com, headquartered in Boston, Massachusetts, provides consultative business solutions to employers in all 50 states, across various industries, sectors and sizes. Since 1996, Enquiron has revolutionized the way that services impacting Human Resources, Employment Law, Health Care, Retirement, Cybersecurity and more are delivered to and utilized by employers. Enquiron has locations across the United States and is a trusted partner to organizations who need specific answers to specific questions.
Jim McSherry, Director of Economic Development
[email protected], (617) 533-9567
Kimberly R. Lyle, Director of Marketing and Communications
[email protected], (617) 533-9562