North Oxford small business benefits from state-backed Capital Access Program

Financial boosts help small businesses expand

NORTH OXFORD -  Massachusetts Business Development Corporation (MBDC) today announced its newest Capital Access Program (CAP) loan in North Oxford, with Laramee & Calley, Inc.

Rebecca Laramee, owner of Laramee & Calley, Inc., is grateful for the loan, saying, “This loan allowed us to do several upgrades to our fleet, which has led to an increase in sales that in turn has led to an increase in staff.  This program works and is an essential tool for the small business community.”

Located in North Oxford, Laramee & Calley does business as All Points Limousine, a luxury transportation company specializing in weddings, sporting events and tours, as well as airport transportation. Ms. Laramee’s CAP loan was funded by Avidia Bank.

“The Capital Access Program is just one way in which the Commonwealth has partnered with the private sector to help spur job creation and economic growth in an effort to rebound from the looming effects of the Great Recession,” said State Senator Richard T. Moore (D-Uxbridge), a member of the Joint Committee on Economic Development and Emerging Technologies. “I commend the leadership at Laramee & Calley for taking advantage of this opportunity in an effort to help their business grow.”

“These CAP loans provide a tremendous spark to small businesses throughout Massachusetts,” State Representative Peter Durant (R-Spencer) said.  “I am thrilled to see such a great local business get this help, which has a direct positive impact on providing jobs and invigorating the local economy.”

“There are small businesses across Massachusetts that can benefit from MBDC’s CAP loans,” said MBDC President and CEO Ken Smith, “especially considering that in this economic climate, it can be challenging for them to get access to the funding they need to create jobs and expand their business. Both Governor Patrick and the Massachusetts legislature have been important partners in CAP’s success, providing the critical resources needed to help fund local businesses.”

“The CAP loan program has been a wonderful supplemental tool that has helped Avidia Bank achieve our mission of supporting the financial and growth goals of businesses throughout the regions we serve,” said Tom Allain, Senior Vice President of Avidia. “The bank has financed several businesses, and witnessed multiple success stories with the assistance of CAP since the program’s inception, and as such, has been extremely pleased to participate with MBDC.”

Nearly 13,000 jobs have been created in Massachusetts through CAP loans, and 16,644 jobs have been retained. More than $100 million in state payroll taxes have been repaid to the Commonwealth of Massachusetts and more than $26 in private sector funding has been leveraged for every $1 of state funding.

The Massachusetts Small Business Capital Access Program was created by the Massachusetts Business Development Corporation in 1993 and, since its creation, has granted 4,585 loans to community-based, small businesses.  It stands as one of the most successful economic development tools in the entire state and has been used in every one of the 351 cities and towns throughout Massachusetts.