Pittsfield business receives loan from Small Biz Fund
PITTSFIELD -- Premium Marketing Enterprises Corporation of Pittsfield has received funding from Mayor Daniel L. Bianchi’s Small Business Fund.
It is the fourth small Pittsfield business to receive assistance from the fund that Bianchi established shortly after taking office.
Owned by Michael Eitelberg, PEM received $25,000 to be used as working capital.
PME, which is located on North Street, received a working capital loan after meeting the requirements established for the program. The application was reviewed by the Pittsfield Economic Revitalization Corporation, which passed its favorable recommendation on to Bianchi.
PME also received a separate small business load from PERC through the city’s Small Business Loan Program. The PERC loan will also be used for working capital to help PME increase its workforce. The PERC loan of $21,150 will also be used for working capital needs, primarily for personnel costs related to 2 new positions that will be created immediately.
Bianchi created the Small Business Fund by establishing a $500,000 funding source for small businesses that have the potential to grow and can document a valid need for financial assistance.
The loans are structured with input from PERC on appropriate terms and conditions.
Funding for the Small Business Fund comes from the Pittsfield Economic Development Fund. The program includes money for technical assistance, working capital and capital investments -- three areas identified as critical for small business owners to succeed.