MassDevelopment completes merger with fellow quasi-public agency
Photo | Courtesy of MassDevelopment
Navjeet Bal, CEO of MassDevelopment
The 19 employees of the Massachusetts Growth Capital Corporation have transitioned into MassDevelopment as part of a legislatively-mandated merger.
The Executive Office of Economic Development announced Tuesday that it has completed the merger of the two quasi-public agencies "to create an enhanced agency that will empower small and large businesses and mission-driven organizations with a more robust set of economic development and financing tools."
The merger was required under a November 2024 economic development law.
Effective Tuesday, MGCC will become the Growth Capital Division at MassDevelopment, and "all MGCC programs and products will remain available to the small businesses previously served by MGCC to ensure no interruption in services for MGCC customers and stakeholders." The MGCC website will remain active until March 31, and then will transition to the MassDevelopment website.
As part of the deal, MassDevelopment welcomed five new board members, three of whom were board members of MGCC: John Farmer, senior vice president and senior credit officer at Eastern Bank (former MGCC board member); Kimberly Lyle, CEO of Dorchester Bay Economic Development Corporation (former MGCC board member); Nicole Obi, president and CEO of the Black Economic Council of Massachusetts; Carmen Panacopoulos, senior business strategy manager at the Federal Reserve Bank of Boston (former MGCC board member); and Christina Royal, owner of Infinite Unlearning LLC and a former president of Holyoke Community College.
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