Economic Development Committee

MCBC’s Economic Development Committee, which includes city, state, community, non-profit and business and bank representatives, works to identify ways to leverage public and private resources to support business development.  The Committee regularly hosts speakers from a variety of city, state and community-based programs that assist small businesses and promote economic development.  The Committee developed the Small Business Financial Resource Guide: Information for Small Businesses in Boston and a companion report covering Greater Boston to help small business owners find the right kind of assistance to meet their business needs.  The Committee also published Getting Credit for Business, a report on strategies to increase access to credit for small businesses.  Recent Committee projects include: 

• Publication of MCBC’s tenth study of small business lending patterns.  The report, Small Business Lending in Massachusetts, 2004-2007, includes data on small business lending across the state and the impact of small business lending on the state’s overall economy.  The report also focuses on small business lending in low-income and traditionally underserved areas.  In addition to the data in the report, MCBC has also provided data on all Massachusetts cities and towns in a set of on-line tables.  Over 250 copies of Small Business Lending in Massachusetts were distributed to bankers, community organizations and public officials.
• Participation on the Small Business Assistance Advisory Council which was established by the state legislature in 2003 to assess the assistance and resources available to small businesses across the state.
• Sponsorship, with the Commonwealth of Massachusetts, the Massachusetts Bankers Association and the Massachusetts Small Business Assistance Advisory Council, of Banking Partners, a new small business loan program designed to improve access to financing by very small businesses.  To date, 25 Massachusetts banks have joined the Banking Partners program.
• Co-sponsorship of  “Massachusetts Regional Economies and the State of Entrepreneurship,” a forum on current issues that impact small business technical assistance providers and small business financing throughout the state.  A report on the forum was distributed to all MCBC Economic Development Committee members.
• Financial support for the development of the “Access to Financing” chapter of the Massachusetts Small Business Technical Assistance (TA) Collaborative’s Common Practices Guide which is intended to promote learning opportunities and knowledge sharing among TA providers across the state.
  

2008-2009 Agenda Issues:

• Patterns of Small Business Lending in Massachusetts:  Findings and Next Steps
• SBA initiatives
• Massachusetts Banking Partners Small Business Loan Program
• Massachusetts Small Business TA Collaborative Common Practices Guide
• City of Boston Office of Business Development
• New Markets Tax Credit Program
• Dudley Square Main Streets
• 5/29/08 forum: Massachusetts Regional Economies and the State of Entrepreneurship
• InnerCity Entrepreneurs

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