On Monday, June 7th the Stoughton Chamber of Commerce convened at the Courtyard by Marriott Hotel, located at 200 Technology Center Drive, for a presentation by guest speaker Melinda Ailes, the director of the Southeast Regional Office of MSBDC (Massachusetts Small Business Development Center Network), and to present Dana Bornstein and Erica Melitto, two recent graduates of Stoughton High School, with scholarships.

In addition to MSBDC, Melinda Ailes also represented SEED (South Eastern Economic Development Corporation), a nonprofit group established in 1982 and frequent partner of MSBDC.

SEED offers Micro Loans, Revolving Loan Funds (RLF Loans), and SBA 504 loans to businesses in Massachusetts and Rhode Island. Micro loans range from $1,000 to $35,000 and are intended for startups and expansions, the money for which comes from the U.S Small Business Administration or SBA. The RLF loans can reach up to $200,000, and are intended to fill financing gaps. They are given in conjunction with a cooperating bank and often used to work towards franchising purposes. The SBA 504 loans are at minimum $1,000,000 and can reach up to $4,000,000. These loans, useful for commercial real estate acquisition, receive 50% of their funding from the bank, 40% from bonds, and require a business investment of 10%. For some of the larger loans, a committee must approve an application containing tax returns, a list of owners of 20% or more, financial statements, and a $50 fee.

In addition, SEED has a staff of 13 that offers technical assistance to entrepreneurs in the form of monthly workshops or individual assistance.
MSBDC is a part of a nationwide group established in 1982 that provides one on one, face to face advice to new and established owners of businesses of 500 employees or less. They help with cash flow, loans for expansion, and creating business plans. However, they are not consultants but coaches, and the services they provide are free. MSBDC pools the resources of the government from a local to federal level and the resources of local universities such as UMass Amherst and UMass Dartmouth.
Small businesses account for 90% of exports in the state, and MSBDC recommends exporting out of the country to Canada, Mexico etc. Additionally, they will help small businesses sell their product or services to the government as well.

They will meet in person or at one of 16 other sites such as their offices in Attleboro.

After the presentation, Erica Melitto received the $1000 Jordan Cibley Memorial scholarship for her work as a student reporter with the Chamber of Commerce.
The scholarship was set up in memory of Jordan Cibley, a Stoughton High School student for many years who was involved with the video club and photography, after he was fatally injured in a car accident in 2007.

Erica Melitto intends to use the money to study Political Science and Economics.

“It’s generous that they still do it with the economy,” said Melitto in regards to the Stoughton Chamber of Commerce. “ [I] got to know them over the years” she said and she also gave special thanks to “Terry Schneider, Mark Snyder, and Rick and Chris for helping with the articles.”

“Thank you to the Music Department and Chamber” Dana Bornstein, recipient of the $500 Jim Callahan Scholarship in honor of Jim Callahan’s contributions to the school band, said. The money, which is awarded to a band student every year, goes to her studies in Public Health and International Relations.

Thanks goes to Criscuolo's Little Italy for catering, B.J.s for the cake, and Courtyard by Marriott for hosting. There were, “about 35 people” Todd Smith, manager of the building said, and it was a “great success”. He has been a chamber member for ten years and has hosted several meetings. The building is currently going under a 2.3 million dollar renovation bringing the total number of guest rooms to 152. Todd Smith also received a certificate of appreciation for hosting the event.

On a final note, “I think the Chambers of Commerce are a wonderful resource,” said Melinda Ailes before at the end of the meeting.