Growing The Economy of Tomorrow

MGCC News

November 16 2010

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MGCC Names Charles T. Grigsby Interim President

BOSTON - Tuesday, November 16, 2010 - Continuing to deliver on the Patrick-Murray Administration's commitment to supporting small businesses, long-term economic growth and streamlining government services, the board of the newly created Massachusetts Growth Capital Corporation (MGCC) today voted to name financial services and loan fund expert Charles T. Grigsby its Interim President. Grigsby, most recently the Chairman and Interim CEO of Trillium Asset Management Corporation, the oldest, largest, independent Socially Responsible Investment (SRI) management firm in the country and currently the Chairman of the Boston Private Bank & Trust’s Loan Committee, will use his expertise to oversee the structural formation of the MGCC and begin operation of the newly created, public small business loan fund.

"This is a truly exciting opportunity to structure and support the operation of a small business loan fund that will be vital to the continued economic recovery of the Commonwealth," said Grigsby. "The availability of capital for small businesses to sustain and to grow has rarely been more important, and the Massachusetts Growth Capital Corporation will fill that critical need."

On August 5, as part of the Administration's efforts to promote job growth and long-term economic recovery, Governor Deval Patrick enacted an economic development act designed to help small businesses create jobs in part by providing access to capital through the creation and $35 million capitalization of the MGCC. By creating the MGCC, a one-stop resource for small businesses seeking capital and advice, consolidating the Community Development Finance Corporation (CDFC) and the Economic Stabilization Trust (EST), businesses now have a centralized resource at the
state-level that will be able to offer working capital, loan guarantees, grants and financial guidance -- including one-on-one mentoring services.

As Interim President of the MGCC, Grigsby will oversee and implement initial operations of the organization and work with the board to commence a national search for the Corporation’s inaugural president. During this timeframe, Grigsby will also oversee the initial application review process for funding by the MGCC.

"The creation of the Massachusetts Growth Capital Corporation allows us to better support our Commonwealth’s economic backbone – our small businesses," said Secretary of Housing and Economic Development and Chairman of the MGCC Greg Bialecki. "With Charles T. Grigsby taking the lead, we are now poised to retain and create jobs, create economic opportunity, and continue to further the state’s recovery through this new fund."

The purpose of the Massachusetts Growth Capital Corporation is to create and preserve jobs at small businesses, women and minority owned businesses, and promote economic development in underserved, gateway municipalities and low- and moderate-income communities.

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The Executive Office of Housing and Economic Development is one of eight Secretariats that make up the Governor’s Cabinet. Under the leadership of Secretary Gregory Bialecki, the Executive Office of Housing and Economic Development oversees the following undersecretariats: the Departments of Business Development, Housing and Community Development, and Consumer Affairs and Business Regulation.

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