WBDC Adds $5 Million 504 SBA Loan To Portfolio

Joyce Stewart, WBDC

Worcester Business Development Corporation (WBDC) received 504 SBA approvals for Devens Inn, LLC located at 59 Andrews Parkway, Devens, MA. The project to acquire undeveloped land and construct a 118-room Hilton Garden Inn totaling $17,500,000 partners with Webster Five Cents Savings Bank to create 80 new job opportunities.

Devens Inn, LLC 504 SBA loan of $5,000,000. becomes one of the first to benefit from the Small Business Jobs and Credit Act of 2010 (H.R. 5297) which President Obama signed into law on September 27, 2010. This act increases the maximum loan size from $2,000,000. to $5,000,000. expanding potential markets for 504 SBA loans.