Worcester Chamber Launches Economic Development Fund

Announcing the first major initiative under new leader, Timothy Murray, the Worcester Regional Chamber of Commerce said it plans to raise $1.2 million for business development in the region over the next two years.

The chamber said its Worcester Economic Development Advancement Fund will be used to support the chamber in "pursuing strategic, regional economic development initiatives focused around the themes of recruitment, retention and incubation."

Murray, who took over as chamber president and CEO last month after resigning from his post as lieutenant governor, said the funding will primarily be used for hiring a person or firm to recruit companies to the area and for local leaders to visit companies.

Since being rolled out to area business leaders and college administrators at a June 24 event, the fund has raised $300,000, the chamber said. That includes a grant of $100,000 over two years that Hanover Insurance Group President and CEO Frederick Eppinger committed.

Initial plans include identifying companies locally, national and globally that mesh with the region's strengths and focusing recruitment of specific industries as well as developers.

"The primary focus of the fund will be to facilitate the chamber taking the lead on recruiting new companies, reaching out to trade groups and associations that are synergistic with the Worcester regional economy," Murray said.

The fund will allow business leaders to recruit businesses in industries such as life sciences, manufacturing, robotics and digital gaming, Murray said.

The fund will also be used to strengthen workforce development efforts for sectors aimed at retaining college graduates in the area and facilitating more commercialization of research happening at area colleges.

Murray said there is a need for business recruitment because he's often heard people say they didn't know about the recent developments in Worcester or programs offered at the area's colleges and are impressed with what's happening there.

Murray said it's a sign that the city and region aren't doing enough to make sure decision makers at companies know what opportunities there are in and around Worcester.

The chamber will partner with the city and other area groups and institutions to implement the initiatives made possible by the fund. The interest in partnering with groups like the Worcester Business Development Corp., Destination Worcester and incubator Mass Biomedical Initiatives were expressed by Murray and other area leaders in recent interviews with the Worcester Business Journal. They shot down talks of a merger between the groups and the chamber, but said there was room for closer partnerships.

John Merrill, president of Fidelity Cooperative Bank and an executive committee member and officer of both the chamber and the WBDC, was part of the small group that negotiated Murray's hiring. Last month, he said he hoped the chamber's economic development focus would grow under Murray's leadership.

"What's needed … is to provide an organization that not only provides great member services, but also helps recruit, retain and grow businesses," Merrill said.

He is leading the new chamber effort with Richard P. Burke of Fallon Community Health Plan, who is chair of the chamber's board of directors.

In addition to The Hanover, the chamber said companies that pledged support for the fund include Bank of America, Benefit Development Group, Coghlin Electrical Contractors, Columbia Tech, Commerce Bank, Consigli Construction Co., Fidelity Bank, Gilbane Building Co., Harvard Pilgrim Health Care, and Polar Beverages.

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