Boston Asia Capital, City Of Holyoke, and MA Supplier Diversity Office Announce Creation of “Business Incubation Centers”

Boston Asia Capital, City Of Holyoke, and MA Supplier Diversity Office Announce Creation of “Business Incubation Centers”

Boston Asia Capital, City Of Holyoke, and MA Supplier Diversity Office Announce Creation of “Business Incubation Centers” (“BICs”) in Holyoke, MA.  The newly formed BICs are Projected to Create more than 3,000 Jobs in MA Gateway Communities and to assist 300 small businesses.

Holyoke MA becomes the flagship site of “Business Incubation Centers” as part of SDO and Boston Asia Capital “Building Massachusetts Small Business” program that will provide businesses with advisory services, access to capital, and facilitated certification to qualify for government and private contracts

HOLYOKE – Thursday, October 14, 2010 – Investment Banking firm, Boston Asia Capital (“BAC”), Supplier Diversity Office (“SDO”), and City of Holyoke Mayor, Elaine Pluta announced the site of MA’s flagship Business Incubation Center (“BIC”) in Holyoke, MA. This announcement comes on the heels of the launch of a unique public-private partnership program entitled “ Building Massachusetts Small Businesses” created by BAC and SDO that will provide access to capital, and advisory and start-up resources to new and existing small businesses in Gateway Communities impacted by high unemployment.  The program is projected to create over 3,000 new jobs in communities in MA struggling with unemployment and assist 300 new and existing small businesses.

The flagship Business Incubation Center in Holyoke will help new small businesses get started, and strengthen existing small businesses by allowing them to leverage economies of scale through sharing of real estate, human resource functions, insurance, and other business related costs.

The BIC will work in partnership with Holyoke community and municipal partners including Holyoke Gas & Electric, and other key stakeholders in Holyoke and the surrounding community.

SDO is an agency within the Massachusetts Executive Office for Administration and Finance which promotes the development of certified minority business enterprises (MBE), women-owned (WBE) business enterprises, and minority non-profit (M/NPO) and women (W/NPO) non-profit organizations by facilitating their participation in Massachusetts business and economic development opportunities. Specifically, SDO assists government agencies in meeting their affirmative purchasing and contracting goals by providing business development assistance to certified companies through information on procurement and business resources and services in certification, enforcement, business assistance and advocacy.
Boston Asia Capital (BAC) is a Massachusetts-based global investment banking firm that makes strategic investments in infrastructure, clean energy, business services, and advanced manufacturing. BAC also provides advisory services to businesses in various stages of need, with a focus on serving new and existing small businesses and entrepreneurs in struggling Gateway communities in Massachusetts.

The newly created BICs will deepen SDO’s reach and impact into Gateway Communities in MA that are struggling with high unemployment. The centers, planned  for several locations in MA, are projected to help over 300 new and existing businesses by adding more than 3,000 jobs. Specifically, the BICs will:

1)    Help new businesses get started, and to strengthen existing small businesses by allowing them to leverage economies of scale through sharing real estate, human resource functions, insurances, and business related costs.

2)    Help new and existing small businesses in gateway communities obtain certification that will qualify them to bid for state, federal and private contracts.

3)    Advise new and existing small businesses in developing business plans, financial strategy, business structure, and capital investments

4)    Assist businesses in obtaining Small Business Administration (SBA) financing, including providing equity and financial resources to secure SBA loans.

5)    Help small businesses find new business opportunities: including both government contracts as well as networking to find opportunities for business with each other.

Mayor Pluta described the initiative as “an exemplary model of public-private partnership that is in line with the city’s plan to promote economic development and to create small businesses. We are excited about our partnership with Boston Asia Capital and SDO, and are poised to serve as the flagship community for successful economic development in MA.”

Boston Asia Capital CEO, Mehamood Hosein, commented, “I believe Massachusetts gateway cities like Holyoke encompass enormous overlooked potential, forward-thinking municipal leadership, good infrastructure, hard-working people with diverse language skills, and community partners who are ready and willing to provide training and support. I am confident that investing in small businesses in MA gateway communities will yield profitable economic returns and positive social impact.”

City of Holyoke, Mass., and Cisco Collaborate on Urban Renewal With Smart+Connected Communities Vision

  • Project to Establish Vibrant 21st Century Neighborhood Aims to Create Economic Opportunity, Improve Education and Retain Residents

HOLYOKE, MA, Feb 10, 2010 (MARKETWIRE via COMTEX News Network) — Cisco (NASDAQ: CSCO) today announced that it is collaborating with the city of Holyoke, Mass., to establish a cooperative relationship that advances the city’s community vision for revitalization and stability. Faced with familiar urban planning challenges such as unemployment, population loss in the town center to rapid growth in Holyoke suburban neighborhoods, and delivery of services to a moving population, the city of Holyoke is taking an innovative approach in investigating the positive effect that an Internet-based, connected community model can play in helping to revitalize the local economy.

By working collaboratively toward a common vision of Smart+Connected Communities, the city and Cisco intend to use technology to deliver urban services in a different way in order to generate new economic opportunity, to improve the delivery and quality of education, and bolster population retention. To meet this shared goal, Cisco and Holyoke intend to carry out planning and related activities to select a central downtown district as a pilot project that will be modernized with the latest network solutions within a proposed flagship innovation district. The process aims to define a new model for providing citizens with critical urban services such as education, healthcare, and improved access to local and state government.

The initial pilot is expected to provide a localized blueprint for redevelopment that can be progressively rolled out across all of Holyoke’s neighborhoods, with the aim of spurring long-term economic, social and environmental sustainability within the entire city. As a result, citizens are expected to enjoy a more collaborative environment, one that fosters their involvement in reaching the community’s goals for transformation and connectivity.

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