CTI and Merrimack Valley Small Business Center Help Fund Start-ups

On Friday, June 27, the Merrimack Valley Small Business Center (MVSBC), a program of Community Teamwork, announced that it had been designated as an intermediary for the SBA (Small Business Administration) Microloan Program, with approval for $200,000 in loan funds to support small businesses throughout the Merrimack Valley. 

“Local small businesses now have an additional access point for SBA microloans and the technical assistance this program offers,” said SBA District Director Bob Nelson. “This is excellent news for small businesses and for the local economy and we are confident that the Merrimack Valley Small Business Center is going to be a phenomenal resource.”

The MVSBC approved its first SBA-funded microloan to the Food Train, a Haverhill-based startup business and the first food truck operation to be established in Haverhill. Slated to open this month, Food Train owners Thomas and Tiffany Bell have been working with the MVSBC staff since early 2014 to complete a thorough business plan and loan application, which was approved in May in the amount of $14,000.   

“When Thomas and I were turned down by multiple banks for conventional loans to start our business, we turned to the MVSBC. From our very first meeting, we knew that finally we were working with people who believed in us and our dream,” said Tiffany.

MVSBC Director Liliana Kualapai and Haverhill Mayor James Fiorentini both expressed their thanks to the SBA Microloan Program for supporting the Bell family’s dream and helping sustain local small businesses. In addition to Director Kualapai and Mayor Fiorentini, other officials on hand to publicize and celebrate this program included Congresswoman Niki Tsongas, Deputy District Director Anne Hunt of the Small Business Administration, Community Teamwork Executive Director Karen Frederick, and State Representative Linda Dean Campbell.

“In order to boost job growth and continue growing our economy, we need to invest in creative ways to help America’s small businesses,” said Congresswoman Tsongas. “I have long supported federal programs like the SBA’s microloans because they can accomplish this goal through effective public/private partnerships. With this federal support, the Merrimack Valley Small Business Center and Community Teamwork will further their important mission to support the local small business community. By pinpointing and addressing the differing needs of the many small businesses across our region, we can keep our local economy on an upwards path.”

“Thomas and Tiffany Bell of Haverhill’s Food Train are just the type of determined entrepreneurs this support is meant for, to help them make their dream a reality. There are so many inventive companies clustered throughout the Third District developing imaginative and state-of-the-art products and services in myriad industries. With federal, public and private support, we can ensure they don’t just remain competitive, but remain business and innovations leaders.”

For more information about Community Teamwork's programs, please visit their website.