$1M venture fund announced to diversify Lawrence businesses
by Lisa Kashinsky, Eagle Tribune
The $1 million fund was provided by four banks – Eastern Bank, Enterprise Bank, TD Bank and Merrimack Valley Federal Credit Union – each of whom committed $250,000. The City of Lawrence then contributed $100,000 to serve as a loan loss reserve fund should a loan go into default, officials said.
Mill City Community Investments (MCCI), a community development financial institution that provides loan programs and technical assistance to low- and moderate-income communities, will manage the fund.