Transformative Development Fund offers new opportunities for businesses

Thanks to the work of The Economic Development committee on which I am a member and the vote of the Legislature, businesses can apply for these Transformative Development Funds……..

BOSTON – Wednesday, August 27, 2014 – Housing and Economic Development Secretary Greg Bialecki today announced the start of the application process for collaborative workspace grants from the Transformative Development Fund, which was created through the Economic Development Legislation signed into law by Governor Deval Patrick on August 13. Entrepreneurs in Gateway Cities can now apply for up to $2 million in matching grants to for-profit and nonprofit entities that will own, sponsor, or operate collaborative workspaces – shared communities that promote innovation, creativity, and interaction between and among tenants.

“Collaborative workspaces inspire communities of innovation,” said Housing and Economic Development Secretary Greg Bialecki. “These shared environments are hubs of economic activity, and are a very important part of our overall growth strategy.”

“An Act To Promote Economic Growth in the Commonwealth,” signed by Governor Patrick, provided for the creation of a Gateway Cities Transformative Development Fund. With more than $16 million, the Fund will bring growth and opportunity to Gateway Cities by enabling equity investments and technical assistance to support transformative development in these communities. MassDevelopment will manage the various components of the $16,050,000 Fund as part of the new Transformative Development Initiative (TDI).

“The sharing economy has driven demand for flexible, dynamic workspaces, especially in Gateway Cities,” said MassDevelopment President and CEO Marty Jones. “We look forward to seeing the spaces that will spring from this first phase of the Transformative Development Initiative, and appreciate the trust in the agency that Governor Patrick and the Legislature have shown in choosing MassDevelopment to launch this program.”

Interested applicants can access the Request for Proposals for the grants by clicking here. Grants will apply to construction, improvements, or equipment for new spaces or for existing facility expansions. Collaborative workspaces often feature open floor plans, community meeting spaces, and other features to encourage connections between tenants. Some have become headquarters for small and innovative businesses and created focal points for economic clusters, as MassDevelopment found in a 2013 report the Agency commissioned on makerspaces.

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2013, MassDevelopment financed or managed 350 projects generating investment of more than $2.4 billion in the Massachusetts economy. These projects are projected to create more than 7,000 jobs and build or rehabilitate 800 residential units.