In the midst of a difficult economy, the Fall River Office of Economic Development reported record-setting loans in 2001. Eclipsing the $3.5 million mark in loans approved, many see the city as poised for even more new growth. FROED Executive Vice President Kenneth Fiola, Jr., acknowledged a challenging national economy but said that based on end-of-year figures the city’s own economic prospects remain high. Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,… “My optimism is based upon the fact that even in light of this recession, many local companies that are here are expanding and new companies moving into this area continues to be at an all-time high,” he said. Forty-seven loans were approved in 2001, which translates to 154 new jobs and 359 retained jobs. Fall River Mayor Edward M. Lambert, who is FROED’s chairman of the board, said the number of jobs created and retained are the most important aspect of the loans. ”The name of the game is jobs and jobs first,” said Lambert. “We recognize that at the heart of our economic success is the hard work, dedication and skill of Fall River’s working men and women. These individuals, unquestionably deserve the lion’s share of our praise.” Arctic Cold, a cold storage distribution center mostly for seafood, received a loan for the second year in a row. Owner David DeMello said the loan for $120,000 was a big help this past year as his business has continued to grow. The company now has 40,000 square feet of storage space, thanks to the loan, with which the company was able to complete its 15,000-square-foot addition. ”I’m really happy with the way the city has been there to help us in any need or concern,” said DeMello. DeMello also said the national economy wouldn’t bring his business down too much. ”It’s a struggle but with the long hard days and hard work I believe we can succeed,” he said. “As long as people need to eat there should be a need for these types of warehouses.” David F. Westgate, FROED’s board president, said that while the jobs and the $3.5 million mark are significant, the related private investment of $13,756,784 is perhaps a more important economic indicator. ”Since 1996 our lending activity has leveraged – or will leverage – more than $45 million in private investment,” he said. “And this is the third consecutive year that we have exceeded the $10 million plateau. That money is invested directly in this community, and the spinoff effects benefit Fall River in many ways. We also believe that these projects clearly signal the business community’s confidence in this city’s future.” Fiola said the Mayor’s Finance Committee and the banking community deserve thanks for their efforts in the “Build a Better Fall River” campaign. As far as the types of business to receive loans, Fiola said diversity is key. ”It’s all across the board,” he said. “We’ve really maintained a diversified economic base for the city. One of our goals, in fact, for the past four years has been a diversification initiative.”
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Fall River reports record loan activity
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