On Wednesday, Community Teamwork Inc. issued a significant announcement, disclosing that the organization had received a generous $125,000 grant from MassDevelopment. The purpose of the grant is to provide essential funding for the Entrepreneurship Center as part of the Transformative Development Initiative Lowell ACRE Capacity Improvement Program.
Formerly known as the Merrimack Valley Small Business Center, CTI’s Entrepreneurship Program provides technical assistance to aspiring entrepreneurs from low-income backgrounds, aiming to support them in establishing and managing their own “micro-enterprises.” The earmarked funds will be specifically directed towards aiding small business owners in Lowell’s Acre neighbourhood. This will involve assessing their business operations, providing technical support through the Entrepreneurship Center, identifying areas for improvement, and financially facilitating the recommended changes by CTI staff.
Ali Carter, Lowell’s Economic Development Director, praised the program, emphasizing that it will provide essential holistic support to independent businesses in Lowell’s Acre neighbourhood, a TDI District. Carter also highlighted the commendable government-nonprofit partnership between MassDevelopment and CTI’s Entrepreneurship Center in serving the community.
The Transformative Development Initiative, a flagship economic programme by MassDevelopment for Gateway Cities, uses an “accelerator model” to allocate resources towards real estate development, small business growth and stability, arts and cultural amenities, as well as targeted technical support and strategic planning for a defined period. TDI also mandates that participating cities establish a cross-sector partnership representative of the neighbourhood in focus in order to qualify for the initiative.
Charles Smith, Director of the Entrepreneurship Center, expressed enthusiasm about working with the TDI Partnership for the Lowell Acre Community. He highlighted the potential of the area as a bridge for business and cultural exchange, due to its strategic location between UMass Lowell and the entire downtown corridor. Smith also noted the evolving nature of the area, as it attracts investments and undergoes transformation while retaining its fundamental character.
In the fiscal year 2023, MassDevelopment backed 545 projects, which collectively generated a substantial investment of over $2 billion in the state economy. These projects are expected to either create or sustain 10,522 jobs and build or preserve 1,583 housing units. Additionally, when rebranded as the Entrepreneurship Center in 2019, the program expanded its services to cover Middlesex and Essex counties.
This recent grant awarded to Community Teamwork Inc. signifies a promising development for the small business community in Lowell. As the organization’s Entrepreneurship Center continues to make a tangible impact, it is crucial to acknowledge the contributions of MassDevelopment, which has been instrumental in driving economic growth and fostering positive change in the region. With the collective efforts of various stakeholders, including local businesses, government entities, and non-profit organizations, the potential for sustained development and prosperity in the Acre neighbourhood appears brighter than ever.
+ There are no comments
Add yours