WBDC provides loan to Leominster memorial service firm for $669K move to Sterling

Photo I Courtesy of Google Images Previous site of Hathaway Memorials at 203 Main St. in Leominster

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The Worcester Business Development Corp. has provided the owner of Hathaway Memorials a U.S. Small Business Administration loan to assist in the $669,000 move of the business from Leominster to Sterling.

Kelly Pearson decided to relocate her memorial service business due to its close proximity to Leominster Monument in Lunenburg, a business owned by both Pearson and her mother Diane. Given the similarities of her businesses, Pearson decided to relocate Hathaway Memorials from 203 Main St. in Leominster, its home of more than 40 years, to Sterling in an effort to expand her service reach, according to a Wednesday press release from WBDC.

Pearson has owned Hathaway Memorials in 2021, following the retirement of its previous owner Gregg Hathaway. Relocation and interior and exterior renovations of the business’ new location at 44 Main St. in Sterling cost nearly $669,000.

“The SBA 504 Loan Program continues to offer below-market, long-term fixed-rate financing to small businesses. Our Accredited Lender Program status from the U.S. Small Business Administration streamlined the approval process, allowing us to secure this loan quickly,” Christina Escobar, WBDC’s director of SBA & lending, said in the release.

Oxford-based bankHometown acted as the loan’s participating lender.

“bankHometown is pleased to provide Hathaway Memorials this financing to expand their business into a new market with the help of the SBA. We have enjoyed watching their business grow over the years and the 504 program enables them to preserve their working capital to ensure this new venture is a success,” Christina DiRusso, vice president, commercial lending at bankHometown, said in the release.

In 2023, WBDC generated $1.75 million in revenue with $17.98 million in assets, according to nonprofit financial tracker GuideStar. WBDC works to facilitate economic growth throughout Greater Worcester by providing loans and preparing property for development.

Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.