FROED One Government Center Fall River, MA 02722-7700 Tel 508-324-2620 Fax 508-677-2840 info@froed.org		IT ADDS UP BUSINESS LOAN PROGRAM STRONG IN TOUGH TIMES The Herald News, Wednesday, December 17, 2008 - Page B1 Fall River — The faltering economy has not prevented the city from issuing $1.6 million in low-interest loans and supporting job development and creation, Mayor Robert Correia and leaders of the Fall River Office of Economic Development said Tuesday. “On behalf of the city, I want to thank you for making a personal commitment and taking a risk to invest in Fall River,” Correia told representatives of many of the 16 companies receiving loans and several banks working with FROED. The $1.6 million in revolving loan funds at prime rate was slightly lower than last year’s nearly $1.9 million and within the average range of the past seven years. So was the 89 jobs expected to be created by the 16 companies. FROED Executive Vice President Kenneth J. Fiola Jr. and Alan A. Amaral, president of the board of directors, offered this year’s summary and its significance. The $1.6 million helped leverage a total of $8,725,234 in private funding with the 89 new jobs and 119 retained jobs, Fiola said. He said the investments by small businesses were significant in light of the current economy and the news on Wall Street. “We have to put a face on economic development. Certainly you are the face of economic development,” Amaral, a city businessman, told the gathering. Among those faces was Tim Coutu, general manager of Hague Textile Inc., which about a year ago picked up the pieces of the fallen Chace Leather manufacturing firm. Coutu said business is on the rise. “We’ve been successful bringing back some of the customer base,” Coutu said of the company, which has a contract to make phone covers for Motorola. Almost weekly, they’ve regained an old customer. “Nothing huge, but it’s keeping us alive,” he said. Hague Textiles received a $125,000 loan and told FROED five new jobs will be created and 38 retained. Coutu said he actually envisions adding about 20 jobs to the current 50. The 89 jobs created through loans is skewed by the fact that 49 of those listed jobs are expected at the newly built Hartwell Commons on Rodman Street, a small retail complex. Parent company Catahoula Realty Trust received one of the largest loans, for $250,000. The average loan was about $100,000. Fiola said the loans were diversified within the service, retail, manufacturing, health care and restaurant sectors, particularly important with the decline of manufacturing. Since 1996, FROED has loaned $22.3 million, which has helped create 1,371 jobs and retain 2,322 others. Back