BOSTON – Wednesday, October 5, 2011 – The Board of Directors of the Massachusetts Growth Capital Corporation (MGCC) announced today that it has appointed Charles T. Grigsby as its President. Mr. Grigsby has served as the Interim President for the MGCC since December, 2010, and brings considerable experience in the financial services industry to the position. Prior to his appointment to the MGCC, Mr. Grigsby worked as the Interim CEO of the Trillium Asset Management Corporation and Senior Vice President of the Massachusetts Life Insurance Community Investment Initiative. Mr. Grigsby is also Chairman of the Directors Loan Committee for Boston Private Bank & Trust Company.
“Chuck Grigsby has the skill and experience necessary to successfully lead the Massachusetts Growth Capital Corporation,” said Secretary of Housing and Economic Development and Chairman of the MGCC Board Greg Bialecki. “Under Chuck’s leadership, the MGCC will continue to help small businesses create and preserve jobs and spur economic development across the Commonwealth.”
The Patrick-Murray Administration and Legislature established the MGCC, which consolidated the Community Development Finance Corporation (CDFC) and The Economic Stabilization Trust (EST), two state entities previously responsible for debt and equity financing and business advice, as part of the Economic Development Reorganization Act of 2010. Under the MGCC, businesses now have a centralized resource at the state level that offers working capital, loan guarantees and financial guidance--including one-on-one mentoring services.
As the MGCC Interim President, Mr. Grigsby has been successful in developing critical templates for insuring its future success, including:
• Re-igniting the message to private sector lenders that the public sector can be a resource and creative partner in small business lending and creating jobs.
• Developing a network of micro-lending resources.
• Investing in newer growth industries without hard assets but proven intellectual capital and positive early track records.
• Progress in making loans in Gateway cities and to women and minority-owned firms in order create and retain jobs in Massachusetts.
Since last October, the MGCC has provided $13.8 million in loans to 38 companies and two micro-lender intermediaries, leveraging over $36 million in private financing. Its entire portfolio, which includes projects financed through the EST and CDFC, consists of more than $25 million in loans, and has leveraged $162.66 million in private financing. Recently, Massachusetts was awarded $22 million in State Small Business Credit Initiative funds to support state-level, small-business lending programs. The MGCC, under Chuck Grigsby’s leadership, was used by the Patrick-Murray Administration to demonstrate that the state could generate at least $10 in new private lending for every $1 in federal funding. The MGCC has four more closings scheduled in the next two weeks, totaling just over $700,000.
“I am honored that the Board continues to trust me to lead this company in the crucial work of strengthening the small business sector of the state’s economy,” said MGCC President Grigsby. “These companies are a major source of job creation and need all the support we can bring.”
The mission of the MGCC is to provide capital to Massachusetts small businesses, women and minority owned businesses and local development efforts, in flexible financing programs, by supplementing the capital available from private financial institutions, including non-bank lenders, in order to promote the creation and maintenance of good jobs for Massachusetts residents.