WORCESTER—Two Central Massachusetts businesses are expanding their operations and purchasing new properties with the help of a federal loan program through the Worcester Business Development Corporation.
With some help from Webster Five, the WBDC recently provided SBA 504 financing to Raymond James Restoration and to AlphaGraphics and AG Signs & Graphics, giving both companies the means to secure commercial space and plan for long-term growth.
“The SBA 504 loan program plays an important role in helping small businesses expand and invest in their future. WBDC is proud to partner with lenders and small business owners to support projects that create jobs and strengthen our local community,” Christina Escobar, director of SBA and lending at WBDC, said in a release.
Raymond James Restoration, a masonry restoration company owned by Raymond James Simoncini, is relocating from 100 North St. to a larger facility at 193 Southbridge St. The company has operated across New England for more than 15 years, specializing in restoration work designed to match original construction.
The new property allows for much more space for equipment, materials and operations, a move expected to improve efficiency as the company continues to grow.
“We’re proud to work with the WBDC to support Raymond James Restoration as it transitions into this new location,” Patrick Royce, vice president and commercial banking officer at Webster Five, said in the release. “We value the opportunity to work alongside trusted partners to deliver solutions that help local businesses invest in their future and succeed over the long term.”
Simoncini credited the partnership with helping make the expansion possible.
“I am very thankful for Patrick Royce of Webster Five for introducing me to the 504 loan program,” Simoncini said in the release. “His seamless partnership with CDC New England and WBDC has allowed Raymond James Restoration to expand while remaining in Worcester.”
The WBDC also assisted AlphaGraphics and AG Signs & Graphics in purchasing a property at 19 Wells St., allowing the companies to consolidate operations currently split between leased locations in Worcester and Auburn.
Owned by Matthew Mantyla, Michael Hannigan and Raymond Mantyla, AG Signs & Graphics provides signage and branding services to a range of clients across Central Massachusetts and New England. AlphaGraphics is fully owned by Raymond Mantyla.
Company leaders said rising rental costs factored into the decision to purchase property and establish a more permanent base of operations.
Webster Five again served as the participating lender.
“We’re pleased to have partnered with the WBDC to help make this property financing possible,” Sabrina Pena, assistant vice president and commercial banking officer at Webster Five, said in the release. “Supporting local businesses as they grow, invest in their communities, and create long-term stability is central to what we do, and we’re proud to play a role in helping AG Signs & Graphics take this important next step.”
Mantyla said the financing process helped the company complete the acquisition despite broader challenges.
“Matt Brothers and the WBDC team were outstanding partners in helping us complete the acquisition of 19 Wells Street in Worcester,” Mantyla said in the release. “Even during the government shutdown, the WBDC team remained proactive and committed to keeping the project moving forward.”
The SBA 504 loan program is designed to help small businesses purchase fixed assets such as real estate and equipment, often through partnerships between lenders and certified development companies like WBDC.
