• Lawrence Partnership

Baker: Additional $2M in loan money available to businesses hurt by gas disaster

Updated: Apr 8, 2019

by Jessica Valeriani, Eagle Tribune

At a press conference Wednesday morning, Gov. Charlie Baker announced that another $2 million has been added to the emergency loan fund to help Merrimack Valley businesses hurt by the gas disaster.

The emergency loan fund was initially created with about $1 million from lending institutions in eastern Massachusetts. Any businesses affected by the disaster are eligible for loans from the fund.

"This emergency loan fund was deemed to be exactly the sort of thing people needed — a six-month, no-interest loan, relatively uncomplicated process that they could get through,'' Baker said Wednesday during a press conference at Yella Grille in Andover.

Baker said Mass Growth Capital Corporation and three lenders — Eastern Bank, Enterprise Bank and Reading Cooperative — returned to contribute to round two of the fund, with several other lenders joining them to provide a total of $2 million. Columbia Gas provided a $500,000 loan loss reserve for the fund, Baker said.

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