FROED One Government Center Fall River, MA 02722-7700 Tel 508-324-2620 Fax 508-677-2840 info@froed.org		FROED REPORTS STRONG 2008 LOAN ACTIVITY TOTAL EXCEEDS $1.6 MILLION test FOR IMMEDIATE RELEASE TUESDAY, DECEMBER 16, 2008 CONTACT: KENNETH FIOLA, JR. 508.324.2620 Fall River, MA - The Fall River Office of Economic Development (FROED) reported strong 2008 loan activity during a brief Government Center reception honoring loan recipients and banking partners. Mayor Robert Correia joined Alan A. Amaral, FROED’s Board of Directors President, and Kenneth Fiola, Jr., Esq., the office’s Executive Vice President, as they recapped lending activity during calendar year 2008. Mayor Correia is Chairman of FROED’s Board of Directors. The mayor praised those in attendance for investing in Fall River, which he noted helped “Fall River diversify its “Economic Base” in 2008. “The City of Fall River is fortunate to have businesses and banks that work in partnership with the Office of Economic Development to stimulate the local economy.” “We’re grateful for their commitment and investment in Fall River.” Fast Facts • Number of Loans Approved - 16 • Grand Total of Loans Approved - $1,616,200.00 • Private Investment Leveraged - $8,725,234.00 • Projected New Jobs - 89 • Retained Jobs - 119 Amaral and Fiola said they were pleased with the total loans approved, $1,616,200.00, and that the related private investment leveraged was a sign of support for the sustainability of their investment and Fall River’s economy. Amaral thanked the Board of Directors and Finance Committee for their efforts. He noted that the expertise and guidance offered by these volunteers is very much appreciated. He went on to praise the local banking community, which was well represented at the reception. Amaral explained that the banks are instrumental in bringing prospects to fruition. “Without question, our lending partnerships are usually the reason that these deals happen,” Amaral concluded. Established in 1978, FROED is a private, nonprofit 501(c)(4) corporation that operates as Fall River’s “one-stop shop” for business and economic development. The office offers incentives to startup, expanding and relocating businesses. They include low-interest financing, tax exemptions, employee recruitment and training services, and site selection assistance. FROED also provides technical support for permitting, infrastructure and varied other needs. The programs complement Fall River’s low business costs and can be packaged with other private and public sector incentives. For more information, please contact FROED at 508.324.2620 or visit the office’s website, www.froed.org. Back