Construction to Begin at Paramount, Massasoit House Hotel
SPRINGFIELD — Saying he is “bullish” on downtown Springfield, Gov. Charlie Baker was among a group of local and state officials who gathered recently to ceremonially break ground on a $38 million restoration of the Paramount Theater and Massasoit House Hotel. The project will transform the Paramount, which opened 90 years ago as a vaudeville theater, into a performing-arts center, while the adjoining Massasoit building will become an 85-room boutique hotel. The property was purchased in 2011 by the New England Farm Workers Council. The 85-room hotel is expected to be completed by December 2020, with the theater expected to finish a year after that. Main Street Hospitality — whose properties include the Red Lion Inn in Stockbridge, Hotel on North in Pittsfield, and the Porches Inn at MASS MoCA in North Adams — will manage the new Massasoit House Hotel. Main Street CEO Sarah Eustis has been looking to enter the Springfield market for a few years. Project funding involves roughly $20 million from state and federal historic tax credits and a federal opportunity-zone tax credit. The project will also reap $3.8 million in HUD Section 108 loan funds through the city and the federal government, a $2 million state grant, and private funding.
Employer Confidence Stabilizes in June
BOSTON — Employer confidence stabilized in Massachusetts during June despite a continued swirl of conflicting economic and political signals around the globe. The Associated Industries of Massachusetts (AIM) Business Confidence Index rose 0.5 points to 57.6 last month, rebounding from a May drop that left it at its lowest level since October 2016. The Index has declined 3.7 points since June 2018 but remains within optimistic territory. And though confidence levels are virtually unchanged since January, the AIM Index reflects constantly changing headlines about international trade, economic growth, and the direction of interest rates. The Massachusetts Index assessing business conditions within the Commonwealth rose 0.3 points to 61.2, while the U.S. Index rose 3 points to 58.0. The Massachusetts reading has declined 1.6 points during the past 12 months, and the U.S. reading has dropped 2.0 points during the same period. The Future Index, measuring expectations for six months out, rose 0.2 points to 56.2. The Current Index, which assesses overall business conditions at the time of the survey, gained 0.8 points to 59.0, 4.5 points lower than a year ago. The Employment Index declined 0.4 points for the month and 2.2 percent for 12 months. Analysts say employers continue to struggle to find qualified workers in a state economy with a 2.9% jobless rate.
SBA Awards $100,000 for Veteran-owned Small-business Growth Training Program
WASHINGTON, D.C. — The U.S. Small Business Administration (SBA) announced a partnership with the Veteran Entrepreneurial Training and Resource Network (VETRN) to establish a pilot training program for military veterans who are small-business owners and their immediate family members. The program will equip these entrepreneurs with the resources and networks necessary to grow their small businesses. Starting in September, this 26-week program based in Portsmouth, N.H. will feature 13 weeks of Saturday-morning classroom sessions with 12 to 20 participants, as well as 13 weeks of peer-to-peer mentoring sessions. The course curriculum will include strategic planning, financial management, cash-flow forecasting, marketing the small business, sales methods, human resources, developing a growth plan, access to capital, legal issues, and government contracting. Applicants must be a current business owner with at least one year of operation and one employee (not including the owner), and annual revenues of $75,000 or more. Also required is the passion, dedication, and commitment to grow the small business. Veteran business owners interested in finding out more information or applying for the September 2019 program can visit vetrn.org to complete an application, or e-mail [email protected]
Massachusetts Credit Unions Unite to Support ‘A Bed for Every Child’
MARLBOROUGH — Ronald McLean, president and CEO of the Cooperative Credit Union Assoc. Inc. (CCUA), on behalf of Massachusetts credit unions, along with members of the Massachusetts Credit Unions Social Responsibility Committee, presented a check for $202,725 to the Massachusetts Coalition for the Homeless at the third Annual Stephen D. Jones Credit Union Charity Golf Tournament in support of the “A Bed for Every Child” campaign. Massachusetts credit unions have supported the coalition for more than two decades, surpassing more than $2 million in donations and providing blankets, toys, and books to help families in need. In 2018, Massachusetts credit unions raised $202,725 through efforts including the Stephen D. Jones Charity Golf Tournament and a variety of credit-union-driven initiatives. The need for “A Bed for Every Child” reaches all cities and towns in Massachusetts. “A Bed for Every Child” began when a concerned inner-city public-school teacher reached out to the Massachusetts Coalition for the Homeless. At the time, the teacher was seeing an increase in the number of students who did not have a bed of their own. Robyn Frost, executive director of the Massachusetts Coalition for the Homeless, said demand continues to outpace the coalition’s capacity.