October 25, 2011
Devens Hotel Construction Back On Track
By Brandon Butler
The Worcester Business Development Corp. and with Webster Five Cents Savings Bank have used federal loan guarantees to finance $17.5 million in construction costs to complete a 118-room hotel in Devens.
The WBDC teamed with Webster Five Cents to make the first loan in Massachusetts that is benefitting from the Small Business Jobs and Credit Act of 2010, which increased borrowing caps and waived some fees associated with loans.
The legislation allowed the WBDC to increase the allowable loan guarantee from the U.S. Small Business Administration from $2 million to $5 million.
With the new funding, the Hilton Garden Inn hotel, which is already under construction, could be completed as early as the middle of next month.
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