Ginkgo Bioworks

The BLDC gave Ginkgo Bioworks their first financing as a startup—a $150,000 loan. Today the organism company, which designs custom microbes for customers across multiple markets, is worth over $1 billion.

The company’s organism engineers work directly with customers including Fortune 500 companies and government entities to design microbes for their needs—applications including nutrition, health and consumer goods.


New Financing Opportunity Available for Energy-Efficiency Projects at Boston Non-Profits

Please join us on Wednesday, December 9, 2020 at 3:30 PM ET for an information session.

As the coronavirus shutdown has threatened nonprofits’ funding, opportunities to find cost savings are more important than ever.  Simultaneously, Boston-based nonprofit institutions are striving to meet the City’s carbon neutrality goals. But installing energy-saving measures can require investments that many nonprofit institutions are unable to make.

The Boston Industrial Development Financing Authority (BIDFA) and GreenerU have partnered to offer a financing program that helps Boston nonprofits lower their energy bills and reach the City's greenhouse gas emissions reduction targets.

Learn more & register

Boston Local Development Corporation to join BECMA’s 2020 Massachusetts Black Expo to promote small business loans available

The Boston Local Development Corporation will participate in the Black Economic Council of New England (BECMA)’s 2020 Massachusetts Black Expo “Reimagining Black Wall Street” from Friday, November 13 to Sunday, November 15 to promote loans available to support small businesses in Boston.

The expo, which will be held virtually, is free and registration and more information can be found here: www.massblackexpo.com/blackwallstreet

The Boston Local Development Corporation (BLDC) works to increase employment opportunities for Boston residents by providing small business loans with a focus on commercial, industrial, and service companies. Over the last twenty years, the BLDC has provided over $20 million in small business loans. These loans have successfully leveraged over $95 million through collaborations with Boston’s banking community. The loan funds have helped to create or retain over 3,500 Boston jobs. There are two types of loans available:

  • The Standard BLDC Loan Fund is available for existing businesses, new ventures, and businesses relocating to the City of Boston. These loans range from $25,000 to $150,000.
  • The Backstreets Boston Back-up Loan Program provides financing for Boston companies in the industrial and manufacturing sectors. These loans differ from our standard program in that loan amounts can reach up to $250,000.

BLDC loans can be used to support the working capital needs of a growing small business, assist in the purchase of a new business property, fund construction of leasehold improvements, purchase new equipment and machinery, construct an addition to an existing plant, and provide for expanded inventories. The BLDC coordinates with Boston’s banking community to provide gap financing through subordinated debt.

In August, BLDC received a $693,000 CARES Act Recovery Assistance grant from the U.S. Department of Commerce’s Economic Development Administration (EDA) to capitalize and administer a Revolving Loan Fund (RLF) to provide loans to coronavirus-impacted small businesses in Boston.

The BLDC is a private 501(c)(3) non-profit corporation governed by an independent board of trustees. The day to day operation of the program is provided by the Boston Planning & Development Agency’s Financial Services department.

Small businesses interested in learning more about BLDC and applying for a loan should visit bostonbusinessloans.org/bldc or email BLDC@Boston.gov.


Financing Strategies – How to Access Funds for your Business webinar Tuesday, 10/20

This webinar will be presented by Lisa Gonzalez Welch, Economic Development Specialist, Massachusetts District Office of the SBA along with a panel of funding experts from Accion, Abington Bank and the Boston Local Development Corporation. Learn about various types of funding including traditional bank loans, micro-financing and community development fund loans.

Register now

BLDC CARES grant featured on Boston's BNN News segment

Bill Nickerson, General Manager of the Boston Local Development Corporation, talks about a new revolving loan fund to help businesses make adjustments to recover from the pandemic. Interview for BNN News. Aired September 22, 2020.

https://www.youtube.com/watch?v=E5ZUf8gS0bU

 

 


BLDC receives $693,000 CARES grant to support loans for Boston small businesses impacted by COVID-19

Mayor Martin J. Walsh today announced that the Boston Local Development Corporation has received a $693,000 CARES Act Recovery Assistance grant from the U.S. Department of Commerce’s Economic Development Administration (EDA) to capitalize and administer a Revolving Loan Fund (RLF) to provide loans to coronavirus-impacted small businesses in Boston.

“Since the impacts of COVID-19 first touched Boston, we have remained committed to providing every possible resource to help our small businesses," said Mayor Walsh. "This additional funding for the Boston Local Development Corporation will allow Boston to continue its efforts to provide and leverage additional resources to support the small businesses that fuel our neighborhoods and our economy during this challenging time.”

The Boston Local Development Corporation (BLDC) works to increase employment opportunities for Boston residents by providing small business loans with a focus on commercial, industrial, and service companies. Over the last twenty years, the BLDC has provided over $20 million in small business loans. These loans have successfully leveraged over $95 million through collaborations with Boston’s banking community. The loan funds have helped to create or retain over 3,500 Boston jobs. There are two types of loans available:

  • The Standard BLDC Loan Fund is available for existing businesses, new ventures, and businesses relocating to the City of Boston. These loans range from $25,000 to $150,000.
  • The Backstreets Boston Back-up Loan Program provides financing for Boston companies in the industrial and manufacturing sectors. These loans differ from our standard program in that loan amounts can reach up to $250,000.

BLDC loans can be used to support the working capital needs of a growing small business, assist in the purchase of a new business property, fund construction of leasehold improvements, purchase new equipment and machinery, construct an addition to an existing plant, and provide for expanded inventories. The BLDC coordinates with Boston’s banking community to provide gap financing through subordinated debt.

"On behalf of the BLDC Board of Trustees, I would like to express our excitement that this additional funding will give us the opportunity to have an immediate impact on the recovery of Boston's small business community,” said Bill Nickerson, General Manager of the BLDC.

The BLDC is a private 501(c)(3) non-profit corporation governed by an independent board of trustees. The day to day operation of the program is provided by the Boston Planning & Development Agency’s Financial Services department.

Small businesses interested in learning more about BLDC and applying for a loan should visit bostonbusinessloans.org/bldc.

The funding announcement builds on the Walsh Administration’s ongoing efforts to address the needs of Boston’s workforce and small businesses during the COVID-19 pandemic. Mayor Walsh and the Office of Economic Development launched the Small Business Relief Fund and the Boston Reopen Fund, two strategic initiatives to support small businesses and employees. Over $13 million in debt-free grants has been allocated to help small businesses across the City of Boston pay rent, fulfill payroll, or cover any operating expenses, as well as cover costs of personal protective equipment, cleaning supplies, and temporary structures required for reopening and to keep employees and customers safe.


Row House featured in Boston Magazine spotlight on outdoor fitness

The staff at Row House, a BLDC-funded business located at Lovejoy Wharf, have pulled their rowers out onto the patio so participants can enjoy an outdoor experience that is relatively similar to an in-studio class. Expect music-driven rowing intervals mixed with low-impact, full-body floor exercises. Sign ups are online, but be sure to register quickly; classes typically reach maximum capacity. Morning and evening classes are offered, as well as a half hour noon-time class on Wednesday. All fitness levels are encouraged to join.

Read more at bostonmagazine.com

BLDC Borrower makes $25 million commitment to battling COVID-19

The BLDC gave Ginkgo Bioworks their first financing as a startup—a $150,000 loan, or as Gingko co-founder Barry Canton stated in a CNBC article,

When Ginkgo was a brand-new, five-person company, the city helped us find a home and provided loan programs to help us get off the ground.

Today the organism company, which designs custom microbes for customers across multiple markets, is worth over $1 billion. The company’s organism engineers work directly with customers including Fortune 500 companies and government entities to design microbes for their needs—applications including nutrition, health and consumer goods. Gingko is still a BPDA tenant in the Flynn Industrial Park and has created hundreds of jobs.

The following article details Gingko's $25 million commitment to creating diagnostic vaccination and therapeutic solutions to the COVID-19 crisis.

Read more at gingkobioworks.com

Join the BLDC at Salesforce Growth Camp Boston

Salesforce Growth Camp Boston

Join the Boston Local Development Corporation (BLDC), Salesforce, and BECMA at District Hall on March 24 for an exclusive afternoon filled with tailored content for growing businesses. At this free half-day event, you'll get access to resources, networking, expert advice, and best practices to scale your business. If you've overcome the initial stages of launching a company and are now seeking strategies for growth this event is for you. Learn tangible tips from experienced entrepreneurs who have successfully taken their businesses to the next level.

RSVP today

Tuesday, March 24, 2020, 2:00 PM - 6:00 PM
District Hall, 75 Northern Avenue, Boston, MA 02210


The BLDC Honors Black History Month

by Bill Nickerson, BLDC General Manager

Photo by Julia Zhogina, courtesy of The Bay State Banner

As the nation celebrates Black History Month, you hear many stories of the struggles, successes, trials and triumphs of our nation’s African-Americans. I have had the pleasure of knowing, working with, and calling a friend a man who is the living embodiment of, and has been throughout his life, a key player in that history. That man is Marvin Gilmore Jr.

The grandson of slaves, Marvin rose from poverty to achieve the American dream. At 95 years young, he continues to lead his life in the way that firmly established his status as a revered local leader. Marvin has, throughout his life, embraced many roles. He has been a civil rights activist, community developer, decorated World War II veteran, music club owner, and mentor to many generations of future leaders.

Marvin is also a long time member of the Board of Trustees of the Boston Local Development Corporation (BLDC). This is only one example of Marvin’s lifelong commitment to jobs and economic growth for Boston, while at the same time striving for a more equitable City that provides opportunities for all of its residents.

Marvin co-founded Unity Bank and Trust Company in Roxbury, Massachusetts, the first African-American owned and operated commercial bank in Boston. Today it is called One United Bank.

In 1973, Marvin became president and CEO of the Community Development Corporation of Boston. This led to forty years of striving to develop Boston’s then blighted neighborhoods while providing economic empowerment for the City’s disadvantaged residents.

During World War II, Marvin served with the 458th Battery “A” Anti-Aircraft Artillery Battalion. His unit landed on the Normandy beaches on D-Day. Like many African American soldiers of his generation, he was denied the medals and honors that were his due. However, in 2010, Marvin’s service was finally recognized when he received France’s highest award. He was named a Chevalier of The Legion of Honor for his heroic service in World War II.

Following the war, Gilmore studied music at New England Conservatory. He later opened and operated The Western Front night club for forty years.

Just last month, Marvin was recognized with a Drum Major award at the 50th anniversary Martin Luther King Day Memorial Breakfast.

Marvin, with all of his accolades and successes, never wavered in his life-long support of the disenfranchised and his efforts played a key role in helping Boston outgrow its racial divisions. He is clearly one of the founding fathers of the new Boston that we have today.