FOR IMMEDIATE RELEASE: July 29, 2009

CONTACT: Boston Press, 617-565-8519

BOSTON – Senators John Kerry and Edward Kennedy today announced that the Western Massachusetts Enterprise Fund (WMEF) will receive $75,000 from the U.S. Department of Agriculture as part of the American Recovery and Reinvestment Act.

Western Massachusetts Enterprise Fund, located in Holyoke, is a community based small business loan fund. It provides financing to microenterprises and small businesses throughout Berkshire, Franklin, Hampshire, Hampden and parts of Worcester counties.

“Small businesses have taken a pounding in this lousy economy, and this investment is a lifeline to help them get back on track,” said Senator Kerry. 

Senator Kennedy said, "These funds will help the Western Massachusetts Enterprise Fund continue to strengthen communities throughout the region, by creating economic opportunities for small businesses. The result will be more jobs and stronger economic development in all of these communities."

“This is a much needed addition to our capital base and lets us continue lending to small businesses in western Massachusetts. We are continuing to see very strong loan demand as businesses struggle to survive with limited access to financial resources.  Senators Kerry and Kennedy have long been champions of WMEF as it provides crucial resources to the business community,” said Christopher Sikes, Executive Director of WMEF.

The funding is being provided through the USDA Rural Development’s Rural Business Enterprise Program (RBEP), which helps finance new and existing businesses as well as employment-related adult education programs. RBEG funds can be used for start-up and working capital loans, building and plant renovations, transportation improvements, project planning and other business needs.

For more information about USDA Rural Development and the RBEP please visit www.rurdev.usda.gov